99 Iowa 153 | Iowa | 1896
It appears from the petition in the case that the plaintiff is the assignee of an insolvent corporation known as the Leader Printing Company. It does not appear when the assignment was made to the plaintiff, but it was some time prior to September, 1891. It is shown, however, that some time during that month a hearing was had in the court below upon an application of the appellee for an order assessing each stockholder in the insolvent corporation the full amount of his unpaid subscription to the capital stock of the company. The order was made, and the defendant Lund was assessed one thousand dollars, and some twenty-four other alleged stockholders were assessed to the full amount of their stock subscriptions. It further appears that the defendant and ©thers affixed their names to a stock subscription some time after the corporation was organized, and while it was carrying on the business of publishing a newspaper. This subscription was taken because the corporation was in financial distress, and the additional subscriptions were made for the “payment and discharge of all the existing liabilities of said corporation.” The order making the assessment contained the following provisions: “And it is further ordered, adjudged and decreed that the said subscribers to the said capital stock of said insolvent corporation pay to the said P. S. Kell, assignee herein, the said sum set opposite the respective names