Lantz v. Moeller

Citations

• 76 Wash. 429
• 136 P. 687
• 1913 Wash. LEXIS 1833

Syllabus

<p>Corporations — Stock—Increase — Subscriptions — Payment. If tbe assets of a corporation, exceed its debts and the amount of the capital stock, the excess may be applied in payment of increased capital stock issued to its stockholders, the same being in the nature of a stock dividend.</p> <p>Same. In such a ease, part of the increased capital stock may be issued to an outsider, where, by agreement, all the stockholders grouped their interest in the assets together with their undivided property and that of the outsider, as one fund to liquidate the subscriptions, if the total was equal to the par value of the stock as increased, less the original capital stock and debts.</p> <p>Same — Stock—Subscription—Payment—In Property. The stock of a corporation is a trust fund for the benefit of creditors that must be paid for in money or money’s worth, where the rights of creditors are affected; hence a receiver may recover of an insolvent corporation on stock subscriptions paid for in property of less value than the par value of the stock.</p> <p>Appeal — Review—Findings. Upon appeal, findings of a trial court on conflicting oral evidence are entitled to great weight, but are not controlling; especially where the facts were not found, and the finding was hut a conclusion.</p> <p>Corporations — Stock—Subscriptions—Actions—Evidence — Stjeeiciency. In an action hy a receiver of an insolvent corporation to recover unpaid stock subscriptions paid for in property of materially less value than the par value of the stock, the value of the assets of the corporation is material and necessary to fix the amount of the liability.</p> <p>Appeal — Review—Invited Error. Appellant cannot predicate error upon the exclusion of evidence invited by his objection thereto.</p>