Yule v. Bishop

Citations

• 6 Cal. Unrep. 513
• 62 P. 68

Syllabus

<p>Stockholder’s Liability.—Under Civil Code, Section 1473, providing that performanee'of an obligation by one on behalf of the party whose duty it was to perform it, and with his assent, if accepted by the creditor, extinguishes it, an indorser of a corporation’s note, who paid the same and took an assignment thereof from the payee, was not entitled to maintain an action thereon, since the debt was extinguished, and hence he could not enforce the statutory liability of stockholders for such debt.</p>