National Bank of Oxford v. Whitman
| Decision Date | 18 August 1896 |
| Citation | 76 F. 697 |
| Parties | NATIONAL BANK OF OXFORD v. WHITMAN. |
| Court | U.S. District Court — Southern District of New York |
William B. Hornblower, for plaintiff.
William G. Wilson, for defendant.
The constitution of Kansas provides (article 12, Sec. 2):
'Dues from corporations shall be secured by individual liability of the stockholders to an additional amount equal to the stock owned by each stockholder.'
And the General Statutes of that state (1889, par. 1192 'Execution against Stockholders: Action'):
The defendant was an original holder of a large part of the stock of the Arkansas City Investment Company, a corporation existing under and subject to these provisions, against the property of which an execution issued on a judgment there in favor of the plaintiff, and was returned unsatisfied. This action is brought upon the last clause of the statute, to charge him with the amount of this judgment, which is much less than the amount of his stock. Notes which were the foundation of the judgment were proved with it, and a verdict was directed for the plaintiff; and the case has now been submitted on a motion to set aside the verdict, principally because the suit is brought here outside of the state of Kansas.
Several cases of great weight and entitled to very respectful consideration have been cited to the effect that the action is wholly local. Bank v. Rindge, 154 Mass. 203, 27 N.E. 1015; Fowler v. Lamson, 146 Ill. 472, 34 N.E 932; Marshall v. Sherman, 148 N.Y. 9, 42 N.E. 419. But in Howell v. Manglesdorf, 33 Kan. 194, 5 P. 759, the supreme court of Kansas, after observing that two remedies were prescribed in this statute,...
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...to the decision. However, in view of the paucity of authority on the point, it is entitled to great weight. National Bank of Oxford v. Whitman, 1896, C.C., 76 F. 697, affirmed, 1897, 2 Cir., 83 F. 288, which is affirmed, 1900, 20 S.Ct. 477, 176 U.S. 559, 44 L.Ed. 587. It was contended that ......