Buchanan v. Low

Decided February 15, 1878

Appellate Court of Illinois · decided 1878-02-15

<p>Cobpobation—Liability of officebs.—The liability, of directors and officers of corporations, for indebtedness in excess of the capital stock, imposed by the general corporation law, is to the creditors as a whole, and not to any individual creditor for his debt, and such liability can only be enforced in chancery.</p>

Decided 1878-02-15

Baker, J.

¶1In this case we are of the opinion that the Circuit Court erred in overruling the appellant’s motion in arrest of judgment.

¶2The judgment of the Circuit Court is reversed, and a judgment entered in this court in favor of appellant and against appellee for costs of suit.

¶3Our reasons for reversing this judgment are the same as those set forth in an opinión filed at this term in the case of William C. Buchanan v. Bartow Iron Company. [Ante p. 191.]

¶4Judgment reversed.

¶5Tanner, P. J., dissenting.