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.
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True Value Rule in Historical Law
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Legal Abbreviations and Acronyms
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