Case ID: nh_62/html/0671-01.html
Source: Caselaw Access Project
Author: {"author": "Doe, C. J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

COOS.
    Lancaster Starch Co. v. Moore.
    Under the General Statutes, a stockholder who has paid his corporation the full amount of his shares is not liable on assessments made for other purposes than the payment of debts.
    Assumpsit, by a corporation against one of its stockholders, for the amount of two assessments, made in 1869 and 1875. Facts found by a referee.
    
      Ray, Drew Jordan, for the plaintiffs.
    
      W. H. Hey wood and Ladd El etcher, for the defendant.
   Doe, C. J.

The plaintiffs’ capital stock was divided into shares of $100 each (Laws 1866, c. 4344, s. 2), and the defendant had paid that sum on each of his shares. As these assessments were made for the general purpose of building a mill and. carrying on business, as well as for paying debts, they are illegal in pail; and as that part is indeterminate, the assessments are unauthorized, and the defendant is entitled to judgment.

Case discharged.

Stanley and Carpenter, JJ., did not sit: the others concurred.