McClun v. Lutz

Citations

• 99 Kan. 775
• 162 P. 1164

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Limitation of Actions — Corporations—Bankruptcy—Unpaid Stock— Subscriptions. The defendant subscribed two thousand dollars to the capital stock of a corporation and paid five hundred dollars thereon. The corporation became insolvent and was declared a bankrupt in November, 1908. In January, 1911, the trustee in bankruptcy was ordered to bring suit to compel payment of fifty per cent of the unpaid subscriptions to the capital stock, if the same were not paid before April 1, 1911. The right to recover from the defendant the fifty per cent of his' unpaid subscription was sold and assigned, to the plaintiff by the trustee in bankruptcy. In January, 1915, suit was brought to recover that fifty per cent of the unpaid subscription. Held, that the action was barred by the statute of limitations at the time it was commenced.</p>