U.S. Supreme Court
Gray v. National Steamship Company, 115 U.S. 116 (1885)
Gray v. National Steamship Company
Submitted March 31, 1885
Decided May 4, 1885
115 U.S. 116
A, a foreign steamship corporation, went into liquidation August 15, 1867, and sold and transferred all its ships and other property August 16, 1867, to B, another foreign corporation, formed for the purpose of buying that property chanroblesvirtualawlibrary
and continuing the business, with the right reserved to all stockholders in A to become stockholders in B. The officers in the old company became stockholders in the new company, and the business went on under their direction as officers of the new company. October 24, 1867, a collision took place in New York harbor between one of the steamships so transferred and some canal boats, resulting in the death of plaintiff's intestate. Plaintiff sued A, in a state court of New York, to recover damages under a statute of that state, for the loss of her husband, and obtained a verdict, and recovered judgment. Held That this judgment against the old company could not be enforced in equity against its former property in the hands of the new company thus transferred before the time when the alleged cause of action arose.
The facts which make the case are stated in the opinion of the Court.