Tait v. Pigott

Citations

• 38 Wash. 59
• 80 P. 172
• 1905 Wash. LEXIS 1116

Syllabus

<p>Corporations—Stockholders—Wrongfully Reducing Capital Stock—Solvency of Corporation. In an action in behalf of creditors of a corporation to recover from a stockholder money wrongfully paid to him by the corporation for his stock, it is immaterial that the corporation was at the time solvent, since the statute makes it unlawful to reduce the capital stock in such manner; and such a defense is properly struck out of the answer.</p> <p>Same—Action Against Stockholder—Defenses—Pleading— Answer—Inconsistency—Creditor’s Waiver of Right to Assets. In an action in behalf of creditors of a corporation to recover from a stockholder money wrongfully paid to him by the corporation for his stock, an answer alleging that existing creditors had waived their rights to the assets is properly struck out where it is inconsistent with a denial of the indebtedness, and where it does not appear that subsequent creditors had waived their rights to all the assets of the corporation.</p> <p>Same—Stockholder Receiving Assets—Sale of Stock to Corporation—Receiver’s Action for Benefit of Creditors—Allowance of Claims. The receiver of a corporation may recover for the benefit of creditors the amount paid to a stockholder, who Fold his stock to the president of the corporation knowing that he received in payment the property of the corporation, where thereafter the corporation became insolvent and there are no funds to pay the creditors, although the court did not expressly find that there were any allowable claims against the corporation.</p>