Edward Douglass White

Name: Matteson v. Dent — Opinion of the Court
Author: Edward Douglass White

Summary

“Matteson v. Dent — Opinion of the Court”, is a work by Edward Douglass White. It explores elements such as stockholder, liability and estate.

Quotes from Matteson v. Dent — Opinion of the Court (Edward Douglass White)

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ Because the insolvency of the bank took place after the death of Matteson, did it result that the assessment, which was predicated upon the insolvency, was not a debt of his estate? To so decide the statute must be construed as imposing the liability on the shareholder for the amount of his subscription when necessary to pay debts, only in case insolvency arises during the lifetime of the shareholder. In other words, that all liability of shareholders to contribute to pay debts ceases by death. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ Its obligation becomes a part of every contract, debt, and engagement of the bank itself, as much so as if they were made directly by the stockholder instead of by the corporation. There is nothing in the statute to indicate that the obligation arising upon these undertakings and promises should not have the same force and effect, and be as binding in all respects, as any other contracts of the individual stockholder. We hold, therefore, that the obligation of the stockholder survives as against his personal representatives. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ When the stockholder dies his estate becomes burdened with the same contract or agreement which the dead man had assumed, and so long as it, through the executor or administrator, holds the stock as the property of the estate, and the stock has not been transferred on the books of the bank, and the liability has not been discharged by some act which shows that the new stockholder has taken the place of the old one, the contract liability still adheres to the estate. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ Whether the effect of the allotment was to extinguish the estate was wholly dependent on the Minnesota law. That law, as construed by the courts of Minnesota in this case, in substance provides (for the purpose of the enforcement of the debts of the estate then actually existing or resting in contract, and liable to arise from events to take place in the future) that the estate should, in legal effect, continue to exist, to the extent provided, for the purpose of enforcing the debts in question. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ Moreover, the supreme court of Minnesota, in effect, in this case, has held that the statute of that state making the allottees liable, each to the amount of their distributive share, for the debt of the estate, embraced a contract liability to pay an assessment contingent on the happening of insolvency, although that event had not taken place at the time of the allotment. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ And a similar determination as to the nature of a responsibility like the one in question has been arrived at by state courts in decisions on kindred statutes, and, indeed, its correctness is not controverted by any authority to which we have been referred or which we have been able to examine. ”

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Source: Wikisource

Edward Douglass White, Matteson v. Dent — Opinion of the Court

“ Where a transfer has been fraudulently or collusively made to avoid an obligation to pay assessments, such transfer will be disregarded and the real owner be held liable. Germania Nat. Bank v. Case, 99 U.S. 628, 631, 632, 25 L. ed. 448, 449; Bowden v. Johnson, 107 U.S. 251, 261, sub nom. Adams v. Johnson, 27 L. ed. 386, 389, 2 Sup. Ct. Rep. 246.
2. Where a transfer of stock is made and delivered to officers of a bank, and such officials fail to make entry of it, the acts referred to will operate a transfer on the books, and extinguish the liability as stockholder of the transferrer. ”

Edward Douglass White

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