Wills

Action in assumpsit to recover upon statutory stockholders’ liability. Judgment went for plaintiff, from which defendants appeal.

In 1909, plaintiff, and others for whom he sued as assignee, indorsed and guaranteed payment of certain promissory notes made by the Provident Midway Oil Company, a corporation, for money borrowed by it. The corporation made default in payment of these notes; .whereupon the holder brought suit thereon, including plaintiff and his co-guarantors as defendants therein; and on February 1, 1911, recovered judgment thereon against all of the defendants, which judgment plaintiff and his said assignors paid on July 20, 1911. At the time of the rendition of the judgment and up to and after the payment thereof on July 20, 1911, defendants were stockholders of the corporation, but they were not stockholders in 1909, at the time when the corporation executed the notes so indorsed and guaranteed by plaintiff and his assignors for the indebtedness then incurred.

The sole question presented is whether or not defendants as stockholders of the corporation were liable to the plaintiff and his assignors for any part of the judgment so paid by them. This identical…