Jackson Fire and Marine Insurance Company, Limited v. Walle
| Decision Date | 19 February 1900 |
| Docket Number | 13,207 |
| Citation | 105 La. 89,29 So. 503 |
| Court | Louisiana Supreme Court |
| Parties | JACKSON FIRE AND MARINE INSURANCE COMPANY, LIMITED, v. BERNARD J. WALLE |
January 1900
BREAUX, J. MONROE, J., takes no part, having decided the case in the court a qua.
ON REHEARING.
The defendant was sued for the amount of his stock as a stockholder in the plaintiff company. The cause was heard here and a decision was rendered.
We will not restate the facts as they are set out in our original opinion. On the application for a rehearing, both the appellant and the appellee find reasons to urge against our decree.
The defendant and appellant restates the grounds heretofore pressed upon the court's attention, against the entire judgment, and seeks to be relieved entirely from all liability. We may as well state here that, upon re-examination, except in minor particulars, we have not found good ground for changing the views we have heretofore expressed.
Plaintiff and appellee asks for an amendment of our decree so that it will not be limited to a sum sufficient to pay the debts of the corporation, but so that it will include as well all amounts needful for equalizing the losses among the stockholders.
Counsel entered into the following agreement: "Each party should have the right to bring up such papers or original or copy as might be deemed necessary." Counsel, we are compelled to say, were a little tardy in supplying the papers not originally included in the transcript. The result was that issues of fact were not completely presented and that it was only after additional papers had been brought up and filed under the agreement in question, that they became evident. It now appears that the company has ceased its operation; that it is in an insolvent condition.
The liquidation and settlement of the affairs of the corporation is about all that remains to be done.
As the debts must be paid, and an equalization of the losses among the stockholders arrived at, we think, under the circumstances, that the stockholders who have not paid their subscriptions to the stock should pay. If there should remain a balance after the payment of the debts and the equalizing of the losses among the stockholders, it can be returned to the one entitled to it. From all appearances, there will not be any thus left to return, and for that reason we conclude without further delay, payment should be made of stock...
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