True Value Rule

Legal Definition and Related Resources of True Value Rule

Meaning of True Value Rule

The rule relating to corporate stock is that where the corporation becomes insolvent, the holder of corporate stock in order to be absolved from further liability must have paid in full in money or money’s worth being true value of the property irrespective of any questions of fraud , mistake, error in judgment or cheerful optimism. See Hemenway v Honolulu Clav, Co., 18 Haw. 187.

Related Entries of True Value Rule in the Encyclopedia of Law Project

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True Value Rule in Historical Law

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