Hunt v. Ward

Citations

• 99 Cal. 612
• 34 P. 335
• 1893 Cal. LEXIS 725

Syllabus

<p>COBPOBATIONS — LIABILITY OP StOOKHOLDEBS — STATUTE OP LIMITATIONS.—A stockholder’s liability for his proportionate share of the corporate indebtedness is a “liability created by law ” within the meaning of section 359 of the Code of Civil Procedure, and an action to enforce such liability must be brought within three years after the liability was created.</p> <p>Id.—Statute Rons feom Date and not Matubity op Indebtedness.—The liability of a stockholder of a corporation upon a note given by the corporation is created within the meaning of section 359 of the Code of Civil Procedure, at least as early as the date of the note, and the statute of limitations commences to run in favor of the stockholder from the date of its execution, and not from its maturity, regardless of how long the liability of the corporation to actions may be postponed by agreement of the creditor.</p>