Stanton v. Gilpin

Citations

• 38 Wash. 191
• 80 P. 290
• 1905 Wash. LEXIS 1144

Syllabus

<p>Corporations—Trustees—Acquiring Obligations Against Corporation. A trustee of a corporation may purchase outstanding notes and judgments against the corporation, where the corporation has not been in active business or a going concern for many years, since the relation of trustee has ceased to exist.</p> <p>Process—Corporations—Service Upon Trustee After Ceasing to do Business—Judgment—Vacation at Instance of Stockholder. The service of a summons upon a trustee after his connection with the corporation has ended and the corporation has ceased to do business, is not binding upon a stockholder who had no notice of the suit, and against whom the judgment is sought to be enforced; and judgment thereon should be vacated at the instance of the stockholder.</p> <p>■ Same. Such a stockholder is entitled to a vacation of the judgment against the corporation, and to defend on the merits, without alleging in advance that he had not paid his stock subscription, to show his interest in the vacation of the judgment, where it appears that the judgment creditor had brought an action against him on his unpaid capital stock.</p>