Kroenert v. Johnston

Citations

• 19 Wash. 96
• 52 P. 605
• 1898 Wash. LEXIS 326

Syllabus

<p>CORPORATIONS — PAYMENT OP SUBSCRIPTIONS IN PROPERTY — DIFFERENCE BETWEEN VALUE OP PROPERTY AND AMOUNT OP SUBSCRIPTION — STOCKHOLDER’S LIABILITY.</p> <p>Where, on the organization of a corporation, real estate is turned in by one of the stockholders in payment of ihis shares at double the value of the real estate, and is so paid by him and accepted by the other stockholders without any intention of thereby defrauding existing or subsequent creditors, such stockholder is not liable for the difference between the face value of his shares and the actual value of the property given 'by him ■ in payment therefor. (Dunbar, J., dissents.)</p>