Shoemaker v. Washburn Lumber Co.
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Winnebago count}7: Geo. W. Burnell, Circuit Judge. The case is fully stated in the opinion. They argued that it is only in exceptional cases that a corporation can purchase its own stock. If it may do so of one stockholder it may of all, and thus become extinct. Stock has no value in the hands of the corporation itself, but is like a redeemed mortgage.
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Appeal from a judgment of the circuit court for Winnebago count}7: Geo. W. Burnell, Circuit Judge. The case is fully stated in the opinion. They argued that it is only in exceptional cases that a corporation can purchase its own stock. If it may do so of one stockholder it may of all, and thus become extinct. Stock has no value in the hands of the corporation itself, but is like a redeemed mortgage. Cook, Stock (2d ed.), § 314. Such a purchase is not a diminution of stock, as that can be effected only by an amendment of its articles of incorporation. Wood v. Union Gospel Chur oh JBuilding…
1Opinion of the CourtCassoday, C. J.
It appears from the record, in effect: That June 29,1892, the plaintiffs recovered judgment against the defendant Washbwrn Lumber Gompany for $4,416.23, *587■damages and costs, upon a liability incurred May 2, 1889. That an execution, having been issued thereon, was returned wholly unsatisfied, March 27, 1893. That April 20, 1893, plaintiffs commenced this action, under secs. 3216-3224, E. S., against the corporation and its officers and stockholders, to sequestrate the stock, property, things in action, and effects of the corporation, and appoint a receiver thereof; that ail the defendant…
2Cases cited6 opinions
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- The City Bank of Columbus v. . Bruce and FoxNew York Court of Appeals · 1858
- Dupee v. Boston Water Power Co.Massachusetts Supreme Judicial Court · 1873
- Marble Co. v. HarveyTennessee Supreme Court · 1892
- Strong v. . Brooklyn Cross-Town R.R. Co.New York Court of Appeals · 1883
1 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Marvin v. AndersonWisconsin Supreme Court · 1901
- San Antonio Hardware Co. v. SangerCourt of Appeals of Texas · 1912
- Pabst v. GoodrichWisconsin Supreme Court · 1907
- Atlanta & Walworth Butter & Cheese Ass'n v. SmithWisconsin Supreme Court · 1910
- United States Mineral Co. v. Camden & DriscollSupreme Court of Virginia · 1907
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