San José Savings Bank v. Pharis

Citations

• 58 Cal. 380
• 1881 Cal. LEXIS 241

Syllabus

<p>Corporation—Liability of Stockholder.—Whenever the debt of a corporation is satisfied in part, there is also pro tanto a discharge of the liability of the stockholders.</p> <p>Held, accordingly, in an action against a stockholder for his proportion of a corporation debt, which had been partially satisfied by a sale of mortgaged and pledged property, that the defendant was liable only for his proportion of indebtedness of his corporation after the payments had been credited.</p>