Treatise On the Law of Private Corporations Aggregate
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on appeal, 2 Comst. (N. Y.) E. 330 ; Harlaem Canal Co. v. Seixas, 2 Hall, (N. Y.) R. ; Spear v. Crawford, 14 Wend. (N. Y.) R. 20 ; Sagory ». Dubois, 3 Sand. (N. Y.) Ch. R. 466 ; Delaware & Schuylkill Canal Co. v. Sansom, 1 Binn. (Penn.) K. ; Tar River Navigation Co. v. Neal, 3 Hawks, (N. C.) R. 520 ; Highland Turnp.
Co. r. McKean, 11 Johns. (N. Y.) K. 89; Duchess Cotton Man. Co. v.
Davis, 14 lb. 233 ; Troy Turnp. & Railroad Co. v. McChesney, lb. 296 ; Beene v. Cahawba Railroad Co. 3 Ala. R. 660... ; Gratz v. Redd, 4 Mqu.
(Ken.) E. 103.
CORP. 51 602 PRIVATE COKPOEATIONS. [CH. XV.
the further maintenance of the suit.' In Giles v. Hutt,^ the language was in the disjunctive ; namely, that the company might sue or declare a forfeiture of the shares ; and it was held that the remedy being in the alternative, the company could not adopt one, and then resort to another.^ § 551. It was held by the Supreme Court of New York, that the stock of a subscriber in a corporation is a security in the nature of a mortgage, for the payment of a dafct in- curred by the subscription, and that a forfeiture for non-pay- ment is, in effect, nothing more than a strict foreclosure.* But this case was overruled by the Court of Appeals of that State, in 1849.^ The truth is, upon a foreclosure and sale of mortgaged property, if it bring more than the debt, the mort- gagor is entitled to the surplus ; but in the other case no provision is made for the company's refunding the surplus ; and if the company, after forfeiture, should sell the stock for a sum beyond the amount unpaid thereon at the time of for- feiture, the subscriber cannot recover such surplus.
What to read after Treatise On the Law of Private Corporations Aggregate?
You can find similar books in the "Read Also" column, or choose other free books by Angell, Joseph Kinnicut, 1794-1857 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
on appeal, 2 Comst. (N. Y.) E. 330 ; Harlaem Canal Co. v. Seixas, 2 Hall, (N. Y.) R. ; Spear v. Crawford, 14 Wend. (N. Y.) R. 20 ; Sagory ». Dubois, 3 Sand. (N. Y.) Ch. R. 466 ; Delaware & Schuylkill Canal Co. v. Sansom, 1 Binn. (Penn.) K. ; Tar River Navigation Co. v. Neal, 3 Hawks, (N. C.) R. 520 ; Highland Turnp.
Co. r. McKean, 11 Johns. (N. Y.) K. 89; Duchess Cotton Man. Co. v.
Davis, 14 lb. 233 ; Troy Turnp. & Railroad Co. v. McChesney, lb. 296 ; Beene v. Cahawba Railroad Co. 3 Ala. R. 660... ; Gratz v. Redd, 4 Mqu.
(Ken.) E. 103.
CORP. 51 602 PRIVATE COKPOEATIONS. [CH. XV.
the further maintenance of the suit.' In Giles v. Hutt,^ the language was in the disjunctive ; namely, that the company might sue or declare a forfeiture of the shares ; and it was held that the remedy being in the alternative, the company could not adopt one, and then resort to another.^ § 551. It was held by the Supreme Court of New York, that the stock of a subscriber in a corporation is a security in the nature of a mortgage, for the payment of a dafct in- curred by the subscription, and that a forfeiture for non-pay- ment is, in effect, nothing more than a strict foreclosure.* But this case was overruled by the Court of Appeals of that State, in 1849.^ The truth is, upon a foreclosure and sale of mortgaged property, if it bring more than the debt, the mort- gagor is entitled to the surplus ; but in the other case no provision is made for the company's refunding the surplus ; and if the company, after forfeiture, should sell the stock for a sum beyond the amount unpaid thereon at the time of for- feiture, the subscriber cannot recover such surplus.
What to read after Treatise On the Law of Private Corporations Aggregate?
You can find similar books in the "Read Also" column, or choose other free books by Angell, Joseph Kinnicut, 1794-1857 to read onlineMoreLess
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