Richardson v. Akin

Citations

• 87 Ill. 138

Syllabus

<p>1. Remedy of creditors of corporation against stockholders. Since the act of 1872, concerning corporations for pecuniary profit, took effect, a court of law has no jurisdiction of a suit by a creditor of such a corporation against a stockholder, unless his debt accrued before the act of 1872 took effect. The remedy, if any, is in equity.</p> <p>2. Constitutional law—change in remedy. The legislature had the power to repeal so much of the act of 1857, relating to private corporations, as makes the stockholders liable, personally, to creditors to the amount of their stock. There was no vested right in such provision of the law. A law changing the remedy for the collection of a debt, is not liable to any constitutional objection.</p> <p>3. Vested right—what is. A right can not be considered as vested unless it is something more than a mere expectation, and has already become a title, legal or equitable, to the present or future enforcement of a demand or a legal exemption from a demand made by another.</p>