Stewart

Stewart v. Ahern

Good Law
32 F.2d 864·1929 U.S. App. LEXIS 3896
United States Court of Appeals for the Ninth CircuitMay 20, 1929No. 5653California1,189 words

Opinion

Lead Opinion

Rudkin, J.

The Idaho Central Railroad Company was incorporated under the laws of the state of Idaho in June, 1920. Its common stock was divided into 25,000 shares of the par value of $100 each, and Joseph L. Stewart, trustee, subscribed for 1,000 of such shares. December 18, 1925, Earl J. Ahem recovered judgment against the corporation in a state court of Idaho for the sum of approximately $20,-000, and an execution on the judgment was returned unsatisfied. Thereafter Ahem commenced the present suit against Stewart in the court below, in behalf of himself and all other creditors entitled to share in the fund sought to be reached who might choose to come in as parties to the suit, to enforce the stockholder liability imposed by the laws of the state of Idaho. The biE óf complaint aEeged the subscription to the capital stock of the corporation by the defendant; the recovery of a judgment against .it in the Idaho court; the return of an execution unsatisfied; that it was impossible to obtain a judgment against the corporation in any court within the state of CaHfornia for the reason that it had no status in CaHfornia; that no court within California had any jurisdiction over it; that the…

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