Thomson-Houston Electric Light Co. v. Henderson Electric Light Co.
Supreme Court of North Carolina
Civil action, heard at May Term, 1891, of Vance Superior Court, before Battle, Jon the report of referees. The action was instituted to recover of the defendant corporation the sum of $2,006.30, and interest, for goods sold and delivered, and the directors and stockholders of the defendant corporation were made parties to obtain injunc-tive relief against the threatened conversion of the assets, and to enable plaintiff to follow the fund if converted.
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Civil action, heard at May Term, 1891, of Vance Superior Court, before Battle, Jon the report of referees. The action was instituted to recover of the defendant corporation the sum of $2,006.30, and interest, for goods sold and delivered, and the directors and stockholders of the defendant corporation were made parties to obtain injunc-tive relief against the threatened conversion of the assets, and to enable plaintiff to follow the fund if converted. The material parts of the complaint were as follows: 4. The plaintiff alleges that all the property and franchise of the defendant company were…
1Opinion of the Court
MONTGOMERY, J.:
The theory upon which the plaintiffs, in their complaint, seek equitabie relief, rests upon the idea that the directors of the defendant corporation are trustees in the most comprehensive sense for them, that the assets of the corporation are a trust fund in the hands of the directors for their benefit, and that therefore in this action they can have an order against the defendant Burgwyn for a payment into court of funds in his hands, as treasurer, to be applied to such judgment as the plaintiffs may recover against the defendant corporation. The argument of Mr. Hicks for the…
2Cases cited5 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Battle v. MayoSupreme Court of North Carolina · 1889
- Merchants National Bank of Richmond v. Newton Cotton MillsSupreme Court of North Carolina · 1894
- Hill v. Pioneer Lumber Co.Supreme Court of North Carolina · 1893
- Daniel v. . OwenSupreme Court of North Carolina · 1875
3Cited by10 opinions
- McIver v. Young Hardware Co.Supreme Court of North Carolina · 1907
- Griffin v. GriffinSupreme Court of North Carolina · 1953
- Levering v. BimelIndiana Supreme Court · 1897
- Powell Bros. v. McMullan Lumber Co.Supreme Court of North Carolina · 1910
- Cresler v. Asheville.Supreme Court of North Carolina · 1904
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