Henry Billings Brown

Name: Camden v. Stuart — Opinion of the Court
Author: Henry Billings Brown

Summary

“Camden v. Stuart — Opinion of the Court”, is a work by Henry Billings Brown. It explores elements such as subscription, stock and Camden.

Quotes from Camden v. Stuart — Opinion of the Court (Henry Billings Brown)

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ We have however, examined the evidence so far as it bears upon the question of these defendants' liability upon their stock subscriptions, and have found it confusing and unsatisfactory. Indeed, the vital question whether the capital stock of this corporation was ever paid in money or money's worth is so covered up and obscured by a multiplication of figures and an entanglement of details that it is almost impossible to arrive at the exact truth. ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ It is the settled doctrine of this court that the trust arising in favor of creditors by subscriptions to the stock of a corporation cannot be defeated by a simulated payment of such description, nor by any device short of an actua payment in good faith; and, while any settlement or satisfaction of such subscription may be good as between the corporation and the stockholders, it is unavailing as against the claims of the creditors. ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ These profits were stated at this sum by the book-keeper of the concern under an instruction of the manager to make out as good a showing as he could for them, to aid in the appreciation of the stock of the new corporation,-a method of estimating profits which throws very considerable doubt upon the accuracy of the result. An expert accountant, acting under the direction of the commissioner, after a careful examination of the books, lound these profits to amount to $4,251.68, which was allowed by the master in computing the amount due by the several parties upon their subscriptions. ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ Defendant Camden also claims the right to set off as against his indebtedness upon the stock the sum of $10,284.56, paid by him in a suit against him and Stuart to recover the price of furniture in the hotel, of which the company received the benefit, and which furniture is a part of the property contributed to the corporation. This payment, however, added nothing to the assets of the company. The furniture itself was a part of such assets, and was taken into consideration when the valuation of December 3, 1880, was made ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ There is, then, a prima facie liability on the part of the defendants to pay each his proportion of the remaining $80,000, and the real question in this case is whether this has ever been paid or accounted for in such a manner as to operate as a satisfaction of the claim. ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ Assuming that there was $70,000 paid In before the corporation was formed,-which is $20,000 more than was claimed in the articles of incorporation to have been paid in,-it is evident that, if it were paid in cash, it was immediately paid out for furniture, permanent improvements, etc., and that there was little, if any, money left at the end of the season. ”

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Source: Wikisource

Henry Billings Brown, Camden v. Stuart — Opinion of the Court

“ It is somewhat singular, too, that this resolution, which Camden avers to have been adopted at the directors' meeting at Barnum's Hotel, in Baltimore, was not set up or proved by Stuart, to whom it was equally available, and did not make its appearance until December, 1887, more than four years after this suit was begun, after all the testimony had been taken, and within a few days before the case was finally submitted to the court for adjudication. cation. ”

Henry Billings Brown

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