Pollock v. Farmers' Loan & Trust Co.
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK. This . was a bill filed by Charles Pollock, a citizen of the State of Massachusetts, on behalf of himself and all other stockholders of the defendant company similarly situated, against the Farmers’ Loan and Trust Company, a corporation of the State of New York, and its directors, alleging that the capital stock of the corporation consisted of one million dollars, divided into forty…
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APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK. This . was a bill filed by Charles Pollock, a citizen of the State of Massachusetts, on behalf of himself and all other stockholders of the defendant company similarly situated, against the Farmers’ Loan and Trust Company, a corporation of the State of New York, and its directors, alleging that the capital stock of the corporation consisted of one million dollars, divided into forty thousand shares of the par value of twenty-five dollars each ; that the company was authorized to invest its assets in…
1Opinion of the CourtChief Justice Fuller
The jurisdiction of a court of equity to prevent any threatened breach of trust in the misapplication or diversion of the funds of a corporation by illegal payments out of its capital or profits has been frequently sustained. Dodge v. Woolsey, 18 How. 331; Hhawes v. Oakland, 104 U. S. 450.
*554As in Dodge v. Woolsey, this bill proceeds on the ground that the defendants would be guilty of such breach of trust or duty in voluntarily making returns for the imposition of, and paying, an unconstitutional tax; and also on allegations of threatened multiplicity of suits and irreparable injury.
The…
2Cases cited54 opinions
- Marbury v. MadisonSupreme Court of the United States · 1803
- Cohens v. VirginiaSupreme Court of the United States · 1821
- Brown v. MarylandSupreme Court of the United States · 1827
- Hawes v. OaklandSupreme Court of the United States · 1882
- Edye v. RobertsonSupreme Court of the United States · 1884
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3Cited by599 opinions
- Ashwander v. Tennessee Valley AuthoritySupreme Court of the United States · 1936
- Payne v. TennesseeSupreme Court of the United States · 1991
- Regents of the University of California v. BakkeSupreme Court of the United States · 1978
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Smith v. AllwrightSupreme Court of the United States · 1944
594 more not listed; retrieve them via the Exa API.