substantive liability
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 300 U.S. 175 - Stockholders of Peoples Banking Co. v. Sterling · 1937Most cited · 73 citing opinions
The obligation laid upon the shareholders by the Maryland Constitution, though susceptible of legislative and judicial regulation in respect of the mode of its enforcement, was a substantive liability to which every stockholder subjected himself upon the acquisition of his stock. The Legislature did not exhaust the measure of that constitutional liability by the creation of a particular remedial device.