South Bend Toy Manufacturing Co. v. Pierre Fire & Marine Insurance

Citations

• 4 S.D. 173
• 56 N.W. 98
• 1893 S.D. LEXIS 64

Syllabus

<p>1. Tbe capital stock of every corporation is a trust fund for the payment of its debts, and its creditors have the right of priority of payment over any stockholder.</p> <p>2. Judgment creditors of a corporation may sustain an action as in equity to reach and apply concealed assets or misappropriated property, the same as against individual debtors; but, where a receiver for such corporation is duly appointed, the rig'ht to bring such action passes to him.</p> <p>3. Proceedings supplemantary to execution, under Section 5174 et seq. Comp. Laws, are available against a corporation.</p> <p>(Syllabus by the couro.</p>