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dissolution does not impair contract obligation

Defined in 1 dictionary — Case Law

Definitions from Case Law

From 33 U.S. 281 - Jacob Mumma v. The Potomac Company · 1834Most cited · 130 citing opinions

the dissolution of the corporation, under the acts of Virginia and Maryland... cannot, in any just sense, be considered, within the clause of the constitution of the United States on this subject, an impairing of the obligation of the contracts of the company by those states, any more than the death of a private person can be said to impair the obligation of his contracts. The obligation of those contracts survives; and the creditors may enforce their claims against any property belonging to the corporation, which has not passed into the hands of bona fide purchasers; but is still held in trust for the company or for the stockholders thereof.