Louis Brandeis

“ If the liability is to the corporation, it passes like other choses in action to the trustee in bankruptcy. The Bankruptcy Law (Comp. St. §§ 9585-9656) does not modify this right of action against the stockholder or create a new one. It merely provides that the right created by the state law shall pass to the trustee and be enforced by him for the benefit of creditors. The order of assessment and the direction that the trustee sue to recover were appropriate administrative proceedings in bankruptcy. ”

“ The nature, the extent, and the conditions of the liability of a stockholder on account of stock not full-paid depend primarily upon the law of the state or country by which the corporation was created. ”

“ The highest court of Pennsylvania has held that assessment was not a condition precedent to the existence of the cause of action, and that the liability became absolute without an assessment, either by the corporation or by any court, as soon as the need of this asset for paying debts became apparent. ”