Frost Manufacturing Co. v. Foster
Supreme Court of Iowa
Appeal from Des Moines District Court. — Hon. Charles H. Phelfs, Judge. ' These causes involve the same questions, and will be disposed of in a single opinion. Defendant’s intestate was one of the incorporators of a company known as the “Burlington Plow Company.” He was also director of the company and its president. The actions were brought to charge the estate with certain debts of the corporation, it having become insolvent.
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Appeal from Des Moines District Court. — Hon. Charles H. Phelfs, Judge. ' These causes involve the same questions, and will be disposed of in a single opinion. Defendant’s intestate was one of the incorporators of a company known as the “Burlington Plow Company.” He was also director of the company and its president. The actions were brought to charge the estate with certain debts of the corporation, it having become insolvent. The district court sustained demurrers to the petitions, and the appeals are from those orders.
1Opinion of the CourtReed, C. J.
— It is alleged in the petitions that the articles of incorporation of the company provided that “the highest amount of indebtedness to which the corporation may subject itself is two-thirds of the amount of its capital stock; ’ ’ also that the published notice of incorporation, which was signed by the intestate as one of the incorporators, contained the same limitations ; but that, notwithstanding such limitation, the company, through the negligence of its officers and directors, and their wilful mismanagement of its affairs, did contract an indebtedness greatly in excess of that amount; and…
2Cases cited4 opinions
- Fusz v. SpaunhorstSupreme Court of Missouri · 1878
- Garrett v. Burlington Plow Co.Supreme Court of Iowa · 1886
- Zinn v. MendelWest Virginia Supreme Court · 1876
- Smith v. PoorSupreme Judicial Court of Maine · 1885
3Cited by13 opinions
- Whitfield v. KernSupreme Court of New Jersey · 1937
- Staacke v. RoutledgeTexas Supreme Court · 1922
- Sweet v. Montpelier Savings Bank & Trust Co.Supreme Court of Kansas · 1904
- Union National Bank v. HillSupreme Court of Missouri · 1899
- Unertl v. BezansonSupreme Court of Iowa · 1987
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