21 N.Y.S. 948 | New York Court of Common Pleas | 1893
The complaint alleges that plaintiff is a corporation created under the laws of the state of Iowa, and that the American Loan & Trust Company was chartered by the legislature of the state of New York; that the latter corporation is indebted to the former for money deposited, which it failed to repay after due demand, in the sum of $1,478.13; that the American Loan & Trust Company has suspended business, and been placed in the hands of a receiver for liquidation and dissolution; that its charter, among other things, provided that “ every director shall be personally liable for all debts incurred by the corporation during his administration to an amount not exceeding five thousand dollars;” and that defendant continued to be a director when the corporation’s indebtedness to plaintiff was incurred. To this defendant demurred, alleging as grounds thereof that the court below was without jurisdiction of the subject-matter of the action; that there was a defect of parties plaintiff and defendant; and that the facts were insufficient to constitute a cause of action. Plaintiff had judgment on the demurrer, which was sustained at general term in the court below.
Bank v. Ibbotson, 24 Wend. 473, is to the effect that an action at law to recover the amount of his demand may be maintained by a single creditor against a single stockholder to enforce the latter’s liability under a statute which provides that for all debts due and owing by the corporation at the time of its dissolution the persons composing it shall be individually responsible to the extent of their respective shares of stock, and is therefore decisive of the questions presented on this appeal