Pacific Elevator Co. v. Whitbeck

Citations

• 63 Kan. 102
• 64 P. 984
• 1901 Kan. LEXIS 104

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporations — Liability of Stockholder. The statutory liability of a stockholder in a corporation is contractual; but it is separate and collateral to the liability of the corporation, and in the nature of security for the debts of the latter.</p> <p>2. -Liability of Stockholder — Limitation of Action. A cause of action against a corporation which accrues on the suspension of business by the ' corporation, against which the statute of limitations will run within three years thereafter, will become barred at the same time as to a stockholder on his individual liability, notwithstanding the creditor cannot commence an action against the stockholder until after the expiration of one yeas from the time the corporation suspended business.</p>