Z. C. Miles Co. v. Robertson

Citations

• 5 Wash. 352
• 31 P. 970
• 1892 Wash. LEXIS 68

Syllabus

<p>STOCK AND STOCKHOLDERS—LIABILITY EOK SHARES— NOVATION.</p> <p>Although a stockholder ia a corporation who has given his promissory note in payment of his stock has been released from its payment by the assumption of his indebtedness by certain of the other stockholders, yet, where such stockholder subsequently executes another note to the corporation for the full amount of his stock, and agrees to the release from liability of those who had theretofore assumed his indebtedness, a contract by novation arises, and such stockholder becomes again liable to the corporation for the amount of his second note.</p>