Lane v. Nickerson

Citations

• 99 Ill. 284
• 1881 Ill. LEXIS 175

Syllabus

<p>1. Corporation — remedy of creditor against stockholders. In order to enforce penalties imposed upon stockholders of a corporation by its charter, which are not part of the assets of the company, the suit must be at law, in the name of the individual creditors, each for himself. ■</p> <p>2. Bankruptcy — rights of action passing to assignee. Unpaid subscriptions to the capital stock of a corporation are a part of the assets of the corporation, and pass by a decree in bankruptcy to the assignee, who alone can sue for their collection; and the fact that he has failed, for any cause, to bring</p> <p>suit within two years from the date of Ms appointment, to collect such subscriptions, will not give the creditors of the corporation the right to bring such suits in their own names.</p>