49 Cal. 290
Decided July 1, 1874
California Supreme Court · decided 1874-07-01
The “Peoples’ Steam Navigation Company” was established in 1858, with a capital stock of one hundred thousand dollars, divided into shares of two hundred and fifty dollars each. In May, 1868, the defendants became the owners of eight shares of the capital stock of the corporation. In September, 1869, the corporation made its promissory note for $3,000, by which it promised to pay to the order of the plaintiffs, said sum.
Good law ✅— No negative treatment on recordhow we know
Decided 1874-07-01
Cited by 17 later decisions — most recently June 1915
2 federal appellate · 10 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
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¶1I concur in the judgment. The plaintiffs could not by executing promissory note's as trustees of the corporation to themselves as individuals,' create evidence which would prima facie establish an indebtedness against the coporation, and against each stockholder.
¶2Mr. Justice Niles did not express an opinion.