The defendant was a stockholder in the A corporation, incorporated in Indiana to go business there, but carrying on its principal business in Tennessee where It had failed to comply with a law requiring foreign corporations to domesticate; Plaintiff, a holder of a trade acceptance on which the A corporation was primarily liable, sued defendant in Indiana, liability on the trade acceptance having been incurred in Tennessee. The A corporation being insolvent, plaintiff sought to hold the defendant personally liable on the ground that the failure of the corporation to comply with domestication statutes of Tennessee made its stockholders liable as partners under the law of that State. Held, even assuming that the law of Tennessee applies, the defendant is not liable. Towle v. Bistle, (Ind. 1933) 186 N. E. 344.
CORPORATIONS--LIABILITY OF STOCKHOLDER IN NON-COMPLYING FOREIGN CORPORATION,
Mich. L. Rev.
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