Beam v. Floyd County Farmers Union Inc.
Beam v. Floyd County Farmers Union (Inc.)
Summary
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Opinion of the Court
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Hill, C. J.
1. The capital stock of a corporation is a trust fund for the benefit of stockholders and creditors, and no officer of the corporation has authority to release any subscriber to the stock from payment of his subscription. Cartwright v. Dickinson, 88 Tenn. 476 ( 12 S. W. 1030 , 7 L. R. A. 706, and cases cited in note, 17 Am. St. R. 910 ); Putnam v. New Albany etc. R. Co., 16 Wall, 390 (21 L. ed. 361).
2. The evidence demanded the verdict directed. Judgment affirmed.
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