Jones v. Slonecker

Citations

• 66 Kan. 286
• 71 P. 573
• 1903 Kan. LEXIS 44

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporations — Suspension of Business Defined. A corporation “has suspended business,” as that term was employed in section 1268, General Statutes of 1899, when it commences to wind up its affairs, ceases to hold meetings of its stockholders and board of directors, and also fails to prosecute the purposes, and transact the business, for which it was incorporated.</p> <p>2. -Limitation of Action against Stockholders' — Case Followed. The preservation and disposition of the corporate estate by the corporation, in the process of winding up its affairs, is not such a transaction of the business of the corporation, or such a prosecution of the purposes for which the corporation was created, as will prevent the running, or suspend the operation, of the statute of limitations as to the right of action of a corporate creditor to recover from the shareholders upon their individual liability. (Brigham v. Nathan, 62 Kan. 243, 62 Pac. 319.)</p>