Case Name: Beam v. Floyd County Farmers Union (Inc.)
Court: Court of Appeals of Georgia
Jurisdiction: Georgia
Decision Date: 1910-11-11
Citations: 8 Ga. App. 399
Docket Number: 2681
Parties: Beam v. Floyd County Farmers Union (Inc.).
Judges: 
Reporter: Georgia Appeals Reports
Volume: 8
Pages: 399–399

Head Matter:
2681.
Beam v. Floyd County Farmers Union (Inc.).
Decided November 11, 1910.
Complaint; from city court of Floyd county — Judge Hamilton. March 28, 1910.
M. B. Eubanks, for plaintiff in error.
J. L. Johnson Jr., Lipscomb, Willingham é Wrighl, contra.

Opinion:
Hill, C. J.
1. The capital stock of a corporation is a trust fund for the benefit of stockholders and creditors, and no officer of the corporation has authority to release any subscriber to the stock from payment of his subscription. Cartwright v. Dickinson, 88 Tenn. 476 (12 S. W. 1030, 7 L. R. A. 706, and cases cited in note, 17 Am. St. R. 910); Putnam v. New Albany etc. R. Co., 16 Wall, 390 (21 L. ed. 361).
2. The evidence demanded the verdict directed. Judgment affirmed.