Webster v. UptonAnnotate this Case
91 U.S. 65 (1875)
U.S. Supreme Court
Webster v. Upton, 91 U.S. 65 (1875)
Webster v. Upton
91 U.S. 65
1. The doctrine announced in Upton v. Tribilcock, supra, that the original holders of the stock of a corporation are liable for the unpaid balances at the suit of its assignee in bankruptcy, without any express promise to pay, reaffirmed.
2. The transferee of stock is liable for calls made after he has been accepted by the company as a stockholder and his name registered on the stock books as a corporator, and being thus liable, there is an implied promise that he will pay calls made upon such stock while he continues its owner.
3. A purchase of stock is of itself authority to the vendor to make a legal transfer thereof to the vendee on the books of the company.
The facts are stated in the opinion of the Court.
Official Supreme Court caselaw is only found in the print version of the United States Reports. Justia caselaw is provided for general informational purposes only, and may not reflect current legal developments, verdicts or settlements. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or information linked to from this site. Please check official sources.