“the law is well settled that the organization of a corporation for the purpose of evading an existing personal liability on the part of those who become its stockholders will not be allowed to achieve that purpose, for in such case the courts will ‘pierce the veil of the corporation fiction’ and hold the stockholders ... to their personal liability....”
How later courts described this case
- “the law is well settled that the organization of a corporation for the purpose of evading an existing personal liability on the part of those who become its stockholders will not be allowed to achieve that purpose, for in such case the courts will ‘pierce the veil of the corporation fiction’ and hold the stockholders ... to their personal liability....”
- "A party may waive any right to which he is legally entitled, whether secured by contract, conferred by statute, or guaranteed by the Constitution."
- “[T]he authority of an agent cannot be 'established merely by proof of its own declarations made to a third party, in the absence of the principal.”
Written by the judges who cited it.
The opinion
The opinion and judgment of reversal heretofore rendered in the above entitled cause is adhered to and confirmed on rehearing.
WHITFIELD, C.J., and ELLIS, TERRELL, BROWN and DAVIS, J.J., concur.