Coggeshall v. McGrath

GAYNOR, J. The defendant did not become ipso facto, by his notice of withdrawal, a creditor of the company for the withdrawal value of his shares (or, as the case would be here, for the excess thereof over his indebtedness to the company on his note), so as to exempt" his shares from their proportionate share of the general debts of the company. Vinton v. Building & Loan Ass’n (Ky.) 66 S. W. 510; Cobb v. Johnson, 35 Misc. Rep. 109, 71 N. Y. Supp. 218. Judgment for the plaintiff.