Kirschler v. Wainwright

Citations

• 255 Pa. 525
• 100 A. 484
• 1917 Pa. LEXIS 486

Syllabus

<p>Corporations — Banks — Insolvent corporations — Liability of stockholders — Statutory liability — Act of March 11,1872, P. L. 82]f —Statute of limitations — Stockholders of record — Interest.</p> <p>1. A creditor of an insolvent corporation is entitled to hold one liable as a stockholder who appears such on the books.</p> <p>2. Where a stockholder who transfers his stock fails to have the transfer registered on the corporate books, he remains liable as a stockholder to the creditors of the corporation.</p> <p>3. Where the amount of the liability of a stockholder is ascertained, such a liability from that date will bear interest.</p> <p>4. In an action by the receiver of an insolvent bank against certain stockholders to recover on their liability under the special Act of March 11,1872, P. L. 324, providing that stockholders of the bank in question should be individually liable for all debts in double the amount of stock held by them, it was held that the action was not barred by the statute of limitations, although more-than six years from the date when the receiver was appointed, but less than six years from the date when upon petition of the receiver it was judicially ascertained that the bank’s collectable assets were insufficient to pay its debts and enforcement of the full statutory liability of stockholders was authorized by the court for that purpose.</p> <p>5. In such case, stockholders registered in the corporate books were properly held liable, although the stock had been purchased for other parties, there being no evidence that they had apprised the corporation that they Held the stock as trustees.</p> <p>6. In such case, tbe stockholders were properly held liable for interest on the demand against them from the date of the assessment.</p>