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t of by way of assignment or other appropriation to particular debts.
But the principles upon which that trust is administered are not so »
simple as might at first be supposed. The trust embraces all the prop-
erty of a corporation; embraces its real estate and its choses in ac-
tion. If debts are due to the corporation they are part of that fund,
and may be collected by the proper representative of the corporation,
whether a trustee appointed by a court of equity, an assignee in bank-
ruptcy, or other agent, for the parties interested. But it is only
those claims or assets which a company has that belong to the trust
fund. Unpaid installments on stock in the ordinary case are assets;
they are claims which a company could enforce, and therefore they
are claims which the creditors can compel the enforcement of through
the instrumentality of a court of equity.
But there are cases in which arrangements have been made for the »
payment of stock which preclude tho company itself from enforcing
any further payment thereon, and yet in which, as to creditors who
_ can fairly allege that they have relied, or whom the law presumes to
have relied,. upon the amount of capital stock of the company, the
courts will impose a trust upon the subscription, and set aside the
arrangement made for its payment. But that trust does not arise
absolutely inevery case where capital stock has been issued, and
where it has been settled for by arrangement with the company. It
is not asif the stockholders had given their promissory notes for the
amount, those notes being in the treasury of the company; but there
are often equities to which the stockholders are entitled,—on which
they are entitled to stand.
I suppose that in the case of stock dividends fairly made, in con-
sideration of profits earned, and of accumulations of the property
of the company,--made simply to represent the property, and fairly
representing the same,—dividends made of stock as full-paid stock,
without any dishonest purpose, without any purpose to deceive or
defraud anybody,-I suppose that in a case of that kind a court of
T chancery would have no power to revive a claim against the stock-
holders because they had not advanced actual cash for the shares.
There are considerations, therefore, affecting this question of liability
' . for stock on which money has not been actually paid, which must be
taken into consideration in order to do justice. Itis not true that it
is in the power of a creditor in every case, and in all cases, as a mere
matter of right, toinstitute an inquiry as to valuation of the amount
of the consideration given for the stock, and disturb fair arrangements
for its payment in other ways than by cash. If the stock has been