Page:Federal Reporter, 1st Series, Volume 5.djvu/417

 IN BE SOUTH MOUNTAIN CONSOIIDATED MINING 00. 405 �cock, 91 U. S. 48; Sanger v. Upton,Ià. 60; Chubh v. Upton, 95 U, S. 665; Pullman v. Upton, 9Q U. S. S28;TurnbuU v. Payson, 96 U. S. 420; Bank y. Case, 99 U. S. 528; HaM v. Dana, 101 U. S. 205. Nor do I deny that a promise to pay for shares of stock will be implied from the fact ài subscrib- ing for them. Spear v. Crawford, 14 Wend. 20 ; H. dt N. H. E. Co. V. Kennedy, 12 Conn. 499; Fry v. L. e B. S. R. Co. 2 Metc. (Ky.) 314; Klein v. A. e S. R. Co. 13 111. 514; Banet y.A.eS.R. Go. Id. 504. And the acceptahce and holding of a certificate of stock will bave the same effect. Upton v. Trib- ilcock, 91 U. S. 48; Sanger v. Upton, Id. 60. Nor is it neces- sory to create a liability as stockholder that a certificate shall have been issued. Chaffin v. Cumtnings, 37 Me. 76; Chase v. Merrimack Bank, 19 Pick. 564 ; Silver v. Magruder, 32 Md. 393 ; Burr v. Wilcox, 22 N. Y. 551 ; Chester Glass Co. v. Dewey, 16 Mass. 94. Payment of assessments will estop an unregistered transferee of shares from denying his liability as a shareholder. Serving as direotôr, or voting at stocK-^ holders' meetings, wili bave the same effect. Frost v. Walker, 60 Me. 468; M. db T. R.Co. v. Harris, 36 Miss. 17; Gaff v. P. e S. R. Co. 31 Pa. St. 489; Hays v. P. 'de S. R. Co. 38 Pa. St. 81; Harrison y. Heathotn, 6 M&n.à Gr. 81. The accepi» ance of an assignment ai a certificate in blank -will fix the liability as stockholder. Upton v.Burnham, 3 Biss. 524. If a subscription beobtained by fraud.it miist be promptly"feipTi- diated. Upton v. Tribilcock, 91 U.S. 45; Chubb v. Upton,'95 U. S. 667. Nor will ignorance of the law relieve the stock- holder. Upton V. Tribilcock, 91 U. S. 45. Nor can the cor- poration release the stockholder from his liability, so far as creditors are concerned ; nor can it accept any other mode of payment than money, unless full value be given. Sanger V. Upton, 91 U. S. 60; Troy, T. e R. Co. v. McChesney, 21 Wend. 296 ; Lake Ont. R. Co. v. Mason, 16 N. Y. 459. The fact that the company may forfeit and sell the shares of a delinquent stockholder does not impair the rights of a cred- iter against him, Ang. & Ames on Corp. §§ 549-50 ; Thomp- son on Liab. of Stockh. § 193, and cases cited. �AU these positions, -which the counsel for petitioners have ����