40 Iowa 648 | Iowa | 1875
Section 1166 of the Eevision of 1860, 689 of the Code of 1851, provides that a failure to comply with certain-requisitions in relation to the organization and • publicity of corporations, renders the individual property of all the stockholders liable for the corporate debts. Section 1068 of the Code of 1873 is substantially the same, except as to railway-corporations. Section 1172 of the Eevision, 695 of the Code of 1851, provides: “Nothing herein contained exempts the stockholders of any corporation from individual liability to the amount of the unpaid installments on the stock owned by them or transferred by them for the purpose of defrauding creditors, and execution against the company may to that extent be levied upon such private property of any individual.”
Section 1174 of tbe Revision, 697 of tbe Code of 1851, is as follows: “ Tbe defendant in any stage of a cause may point out corporate property, subject to levy, and upon bis satisfying tbe court of the existence of such property, by affidavit or otherwise, the cause may be continued or execution against tbe defendant stayed until the property can be levied upon and sold, and tbe court may subsequently render judgment and order execution for any balance which there may be after disposing of the corporate property, according to the stage of the'cause; but if a demand of property has been made, as contemplated in tbe preceding section,’ tbe costs of such proceedings shall in any event be paid by tbe company or by tbe defendant.” The corresponding section, 1084, of the Code of 1873, is as follows: “ Before any stockholder can be charged with tbe payment of a judgment rendered for a corpoorate debt, an action shall be brought against him, in any stage of which he may point out corporate property subject to levy; and upon his satisfying the court of the existence of such property, by affidavit or otherwise, the cause may be continued, or execution against him stayed, until the property can be levied upon and sold, and the court may subsequently render judgment for any balance which there may be, after disposing of the corporate property; but if a demand of property has been made, as contemplated in the preceding section, the costs of said action shall, in any event, be paid by the company or the defendant therein, but he shall not be permitted to contro
Appellant concedes that, under the Code of 1851, and the Eevision, the practice, after judgment and execution against
Appellee, however, cites section 1082 of the Code, providing that “ execution against the company may, to that extent,
"We are satisfied that the court erred in sustaining the demurrer.
Eeveesed.