Daland v. Williams
Massachusetts Supreme Judicial Court
Bill in equity filed March 8, 1869, by trustees under the will, proved and allowed in 1858, of Tucker Daland, late of Salem, to obtain the direction of the court in respect to a dividend declared by the Hill Manufacturing Company, a corporation under the law of Maine, arid established at Lewiston in that state, in fifty-six shares of whose capital stock part of the trust fund was in 1861 invested.
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Bill in equity filed March 8, 1869, by trustees under the will, proved and allowed in 1858, of Tucker Daland, late of Salem, to obtain the direction of the court in respect to a dividend declared by the Hill Manufacturing Company, a corporation under the law of Maine, arid established at Lewiston in that state, in fifty-six shares of whose capital stock part of the trust fund was in 1861 invested. The bill set forth that by the terms of - the will the plaintiffs took and held the fund (which consisted of one half of the shares in the testator’s estate to which Mrs. Williams and his three…
1Opinion of the CourtChapman, C. J.
The case of Minot v. Paine, 99 Mass. 101, states a plain rule for the guidance of trustees in respect to dividends made in the usual manner. Cash dividends are to be regarded as income, and stock dividends as principal. But in the present case the manner of making the dividend was unusual, and a question has arisen as to what its character really is. In making it, the first step of the directors was to increase their capital stock to §1,000,000, by creating 3000 shares of new stock, at its par value of §100 each. They then declared a *574dividend of 40 per cent., and voted that the treasurer be…
2Cases cited1 opinion
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
3Cited by28 opinions
- Gibbons v. MahonSupreme Court of the United States · 1890
- McLouth v. . HuntNew York Court of Appeals · 1897
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- Kalbach v. ClarkSupreme Court of Iowa · 1907
- Thomas v. GreggCourt of Appeals of Maryland · 1894
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