{ "id": 5290557, "name": "Simon Florsheim v. Illinois Trust & Savings Bank, Rec.", "name_abbreviation": "Florsheim v. Illinois Trust & Savings Bank", "decision_date": "1901-02-19", "docket_number": "", "first_page": "297", "last_page": "299", "citations": [ { "type": "official", "cite": "93 Ill. App. 297" } ], "court": { "name_abbreviation": "Ill. App. Ct.", "id": 8837, "name": "Illinois Appellate Court" }, "jurisdiction": { "id": 29, "name_long": "Illinois", "name": "Ill." }, "cites_to": [ { "cite": "93 Ill. App. 39", "category": "reporters:state", "reporter": "Ill. App.", "case_ids": [ 5287388 ], "opinion_index": -1, "case_paths": [ "/ill-app/93/0039-01" ] }, { "cite": "172 Ill. 149", "category": "reporters:state", "reporter": "Ill.", "case_ids": [ 3174238 ], "opinion_index": 0, "case_paths": [ "/ill/172/0149-01" ] }, { "cite": "93 Ill. App. 39", "category": "reporters:state", "reporter": "Ill. App.", "case_ids": [ 5287388 ], "opinion_index": 0, "case_paths": [ "/ill-app/93/0039-01" ] } ], "analysis": { "cardinality": 304, "char_count": 4708, "ocr_confidence": 0.554, "pagerank": { "raw": 9.505882454708161e-08, "percentile": 0.5221636473786696 }, "sha256": "2ae427cea2f30c86b6a7edf7618b3e86891ee205af8473f2899d22fa9cd41c11", "simhash": "1:17e6aca33c15b530", "word_count": 819 }, "last_updated": "2023-07-14T18:02:01.878414+00:00", "provenance": { "date_added": "2019-08-29", "source": "Harvard", "batch": "2018" }, "casebody": { "judges": [], "parties": [ "Simon Florsheim v. Illinois Trust & Savings Bank, Rec." ], "opinions": [ { "text": "Mr. Presiding Jdstioe Shepard\ndelivered the opinion of the court.\nThe original bill of complaint in this cause was filed in the Circuit Court, January 19, 1891, by Charles F. Morse, on his own behalf and on behalf of all other creditors of the Pacific Railway Company, making the corporation and all of its stockholders parties defendant.\nAppellant Simon Florsheim was made party defendant as the owner and holder of eighty-eight shares of the capital stock of the Pacific Railway Company. The proceedings were instituted and prosecuted to final decree under section 25 of an act entitled, \u201c An Act Concerning Corporations,\u201d approved April 18, 1872.\nSuch proceedings were had in the case as to cause it to be reviewed by the Supreme Court' in Sprague v. National Bank of America, 172 Ill. 149.\nIn obedience to the mandate of the Supreme Court in that case, it was subsequently ascertained and decreed by the Circuit Court that as to the appellant Florsheim, he was liable for the unpaid balance of \u00a768 per share on eighty-eight shares of the Pacific Railway Company stock received by him in exchange for a like number of shares in the Los Angeles Cable Railway Company, with interest thereon at the rate of five per cent per annum, from August 1,1898, and that appellee, as receiver, have execution therefor. It is from such decree that this appeal has come.\nNo contention is made against the amount of \u00a768 per share found to be due from appellant, it being conceded that the Supreme Court decision in the case referred to settled that question.\nIt is insisted, however, that appellant is not liable for such amount on more than twenty-five of such shares. This contention is based upon the fact that appellant had sold sixty-three of said eighty-eight shares to one Nash before the bill was filed. The bill was filed January 19,1891, and appellant assigned his certificate for said sixty-three shares to Nash on the ninth day of June, 1890, and it is argued that appellant is liable, under said section 25, only upon the shares owned by him at the time the suit was brought.\nWe had substantially the same question before us in Rogan v. Illinois Trust and Savings Bank, Receiver, 93 Ill. App. 39, and there held adversely to the same contention by some of the there appellants.\nIt was admitted by the appellant in his answer, and also as a witness, that he received the whole eighty-eight shares in exchange for a like number of shares of the Cable Company stock. Nash, to whom appellant assigned his certificate for the sixty-three shares, was not a party to the suit, and was not a witness on the hearing, nor did appellant in his testimony explain in any manner the circumstances of the assignment to Nash.\nIt can not, therefore, be said that there is shown in the record any reason which would exempt appellant from liability.\nThe only other error that is claimed by appellant is in the allowance of interest on the amount found due from appellant.\nNo matter how much appellant may claim that the amount was in dispute prior to the decree fixing the amount due from him, his liability was fixed by that decree, in accordance with the decision of the Supreme Court. That decree was entered July 1, 1898, and interest was not to begin to run thereon until August 1, 1898, thirty days afterward.\nBy the decree the amount due became liquidated. It was then as final as any judgment, so far as we can see, and a withholding of payment thereafter comes clearly within the provision of the statute concerning interest.\nSuch was, in substance, our decision in the Bogan case, supra, to which we adhere.\nThe decree appealed from was in our opinion right, and it is our duty to affirm it.", "type": "majority", "author": "Mr. Presiding Jdstioe Shepard" } ], "attorneys": [ "Rehy & Mann, attorneys for appellant.", "Walker & Payne, attorneys for appellee." ], "corrections": "", "head_matter": "Simon Florsheim v. Illinois Trust & Savings Bank, Rec.\n1. Stockholders\u2014Liability of Assingees of Shares of Stock.\u2014An assignee of shares of stock in an incorporated company, in the event of its insolvency, is liable to contribute to the payment of its debts in like manner as if he were an original subscriber, and his re-assignment or disposal of his stock does not relieve him of such liability.\n2. Interest\u2014Ora Decrees for the Payment of Money.\u2014Where a decree is entered for the payment of a sum of money on a day named, the parties primarily liable for its payment are also liable for legal interest upon it from the day named for its payment. (Rogan v. Illinois Trust & Savings Bank, 93 Ill. App. 39.)\nBill to Enforce the Liability of Stockholders.\u2014Appeal from the Circuit Court of Cook County; the Hon. Elbridge Haneoy, Judge, presiding. Heard in the Branch Appellate Court at the March term, 1900.\nAffirmed.\nOpinion filed February 19, 1901.\nRehy & Mann, attorneys for appellant.\nWalker & Payne, attorneys for appellee." }, "file_name": "0297-01", "first_page_order": 321, "last_page_order": 323 }