Hilliker v. Hale

Citations

• 117 F. 220
• 54 C.C.A. 252
• 1902 U.S. App. LEXIS 4428

Syllabus

<p>1. Corporations—Action against Stockholder—Limitation.</p> <p>Under the law of Minnesota, as settled by tbe decision of its supreme court, a suit to enforce tbe statutory liability of stockholders in a corporation may be brought at any time after the corporation has been adjudged insolvent, notwithstanding the pendency of proceedings to sequester and administer its property under the state insolvency law; and an action brought in New York against a resident of that state to enforce his liability as a stockholder in a Minnesota corporation, which is not commenced until more than six years after the corporation has been declared insolvent and a receiver appointed under the insolvency law, is barred by limitation, whether the six-years limitation of Minnesota or the three-years limitation of New York is applied.</p> <p>2. Same—Receiver—Right to Sub in Foreign Jurisdiction.</p> <p>A receiver appointed by a court under its general equity powers, to enforce and collect judgments rendered against stockholders of an insolvent corporation upon their statutory liability, to institute and prosecute proceedings against nonresident stockholders for the enforcement • of such liability, and to hold all money collected subject to the further orders of the court, is merely an agent of the court, without any extraterritorial power, and is not vested with any title to the cause of action against a stockholder in favor of creditors of the corporation which will support an action at law by him against such stockholder in another jurisdiction.</p>