8 Rob. 244 | La. | 1844
The plaintiff having obtained a judgment against the Firemen’s Insurance Company of New Orleans, as drawers of a promissory note for $741 64, to his order, sued out a writ of fieri facias, which being returned nulla bona, an alias writ issued and interrogatories were propounded to some of the stockholders of the company, under the 13th section of the law of 1839, to ascertain the amounts respectively due by them to the defendants, on their subscription to the capital stock. To these interrogatories Taylor &■ Hadden answered, that, in January, 1843, they became stockholders for thirty shares in the Firemen’s Insurance Company, which they still own, and on which they had paid $1164 98, being thirty-eight dollars, and sixteen cents on each share of fifty dollars, which was $319 98 more than had been called in, and more than had been paid by the other stockholders, and that, consequently, the company owed them this amount. On these answers, the garnishees, Taylor & Hadden, were decreed to pay the balance of their subscription, to wit, $11 84 pershare, making $355 20. They have appealed.
Their counsel has urged, that the defendants had no right under their charter, to make and issue promissory notes. Even if
The appellants further urge, that the plaintiff has mistaken his remedy, aud that the directors of the company ought to have been compelled, by a writ of mandamus, to enforce payment from the stockholders of a sum necessary to pay the debts of the corporation. This ground of defence has been considered and disposed of in the case of Cucullu and others v. The Union Insurance Company, 2 Robinson, 571. The appellants having paid on the amount of their stock only thirty-eight dollars and sixteen cents per share, are liable for the balance. If other stockholders have paid less than they have, it-is a matter to be settled between themselves; but as regards third persons, each stockholder is liable for the full amount of his subscription, which, being due to the company, can be seized by its creditors.
Judgment affirmed.