(DOWNLOAD) "Ochiltree v. the Railroad Company" by United States Supreme Court " Book PDF Kindle ePub Free

June 30, 2021

eBook details

Title: Ochiltree v. the Railroad Company
Author : United States Supreme Court
Release Date : January 01, 1874
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 60 KB

Description

This new provision being in force, a railroad company wholly independent of the others, to wit, the Iowa Railroad Contracting Company, subscribed and paid for eight thousand nine hundred and sixty shares, of the value of $100; in other words, subscribed and paid for stock to the amount of $896,000. In this state of things, Ochiltree's debt not being paid, on execution issued, by any one of the companies, he sued the Iowa Railroad Contracting Company, in one of the State courts of Missouri, as a stockholder in the new company, his suit being founded on the double liability clause of the constitution of 1865, and his assumption being that though the Iowa Railroad Contracting Company had subscribed for its stock after the adoption of the constitution of 1870, yet as his debt accrued before its adoption and while the constitution of 1865 was in force, he could proceed personally against all stockholders, and that 'the single liability' provision in the constitution of 1870 was null and void as to his rights in the case, because, in depriving him of his remedy against stockholders under the law in force when his debts were contracted and the consolidated company became liable therefor, the said provision impaired the obligation of the company's contract with him within the meaning of the Constitution of the United States.