Beam v. Floyd County Farmers Union Inc.
69 S.E. 225, 8 Ga. App. 399, 1910 Ga. App. LEXIS 185
Opinion
1. The capital stock of a corporation is a trust fund for the benefit of stockholders and creditors, and no officer of the corporation has authority to release any subscriber to the stock from payment of his subscription. Cartwright v. Dickinson, 88 Tenn. 476 (12 S. W. 1030, 7 L. R. A. 706, and cases cited in note, 17 Am. St. R. 910); Putnam v. New Albany etc. R. Co., 16 Wall, 390 (21 L. ed. 361).
2. The evidence demanded the verdict directed. Judgment affirmed.
Free access — add to your briefcase to read the full text and ask questions with AI
Beam v. Floyd County Farmers Union Inc., 69 S.E. 225, 8 Ga. App. 399, 1910 Ga. App. LEXIS 185 (Ga. Ct. App. 1910).
69 S.E. 225 (Beam v. Floyd County Farmers Union Inc.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Graves v. Denny
84 S.E. 187 (Court of Appeals of Georgia, 1915)