There is a diversity among the statutes as to those who are liable to respond to this liability. If the statute names the particular class of stockholders who are liable, no difficulty is met. Sometimes the statute fixes the liability upon those who are stockholders when the debt was created, and a certain time thereafter.1 Under statutes that do not fix the class of stockholders liable, it has been variously held that stockholders at the time the debt was contracted,2 stockholders at the time payment of the debt was refused,3 stockholders at the time of suit brought,4 or stockholders at the time insolvency impended,5 are meant. It is held even that both the stockholders at the time the debt was contracted and when the action was brought are liable.6 Where a stockholder who is such at the time the debt was contracted is made liable, a transfer does not relieve him of this liability, and the contraction of the debt would seem to cover an instalment of a debt falling due.7 Where those are made liable who were stockholders at the time the action was brought or insolvency impended, a transfer in good faith, and not colorable nor for the purpose of evading the responsibility, nor made after insolvency, relieves the transferror of liability.8 The fact that the stock is not paid for in full of the subscription price has no bearing upon the statutory responsibility.9

1 Richmond v. Irons, 121 U. S. 21; Jacobson v. Allen, 20 Blatchf. 525; Steinke v. Loofbourrow, 54 Pac. R. 120; Runner v. Dwiggins, 46 N. E. R 580, 36 L. R. A. 645. Compare Farmers' Trust Co. v. Funk, 49 Neb. 353. See Sec. 329, post, notes 13, 14, 15,16, 17.

2 See cases last cited; Worth v. Piedmont Bank, 28 S. E. R. 488; Ueland v. Haugan, 73 N. W. R. 169.

3 Kennedy v. Gibson, 8 Wall. 498; Casey v. Galli, 94 U. S. 674

4 Harvey v. Lord, 11 Biss. 144; Peters v. Foster, 56 Hun, 607; Irons v. Manufacturers' Nat. Bank, 17 Fed. R. 308; s. c, 27 Fed. R 591.

5 Anderson v. Seymour, 73 N. W. R 171, for a state statute.

1 Harper v. Carrol, 62 Minn. 152.

2 Moss v. Oakley, 2 Hill, 265.