Court Opinion

ID: 6693575
Source: CourtListenerOpinion
Date Created: 2022-07-20 21:43:28.709065+00
Date Added: 2024-06-11T16:01:10.720527
License: Public Domain

Burwell, J.:
Upon the argument before us all the defendant’s exceptions were abandoned except the last one, and that is intended to raise a question that should not be considered and determined upon this appeal, which is taken and is prosecuted by the defendant corporation alone. It has no *385assets, it seems, out of which what it owes the plaintiff may be paid, unless it be, as the referee has found, that some amounts are legally due to it from its stockholders, or some of them, for stock issued but not fully paid for. The order appealed from merely directs the receiver to collect enough of these unpaid subscriptions to satisfy the plaintiff’s judgment against the appellant corporation. ' The liability of the stockholders to the corporation on account of these alleged unpaid subscriptions should not be prejudged. It is the duty of the receiver to obey the order and endeavor by suits, if necessary, to enforce their alleged liability. If their individual interests are antagonistic to their duty as officers of the Court, they may be removed and others put in their place who will endeavor to perform it. In actions thus brought,, it will be properly determined whether or not the stockholders, or any of them, are indebted to the corporation, as the referee has found, and his conclusions of law can then be reviewed, the parties really concerned in their correctness being before the Court. Appeal Dismissed.