Stocker v. Davidson

Citations

• 74 Kan. 214
• 86 P. 136
• 1906 Kan. LEXIS 38

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporations — Insolvency—Assets—Stockholders’ Liability. In this’ state the statutory liability of a stockholder to pay upon the debts of the corporation an amount in addition to his subscription equal to the par value of his stock becomes an asset of the corporation in the event of its insolvency; the liability is one arising upon contract; the right of action to enforce it is one arising upon contract; and by virtue of subdivision 6 of section 70a of the bankruptcy act (30 U. S. Stat. at L. p. -565) such right of action passes to the trustee in bankruptcy of the corporation upon his due appointment and qualification.</p> <p>2. - Suit by a Trustee in Bankruptcy. Such liability may be enforced by the trustee in bankruptcy of the corporation without judgment against it having first been obtained by its creditors and execution returned unsatisfied, and without the appointment of a receiver for the corporation by a state court.</p>