Chrisman-Sawyer Banking Co. ex rel. Simpson v. Independence Wool Manufacturing Co.
Supreme Court of Missouri
Appeal from Jackson Circuit Court. — Hon. John W. Henry, Judge. (1) The so-called “sale” or “surrender” of stock by defendant John McCoy to the company was ultra vires and void, and he remains liable to plaintiff as a creditor of the company; regardless of the fact that the transaction between McCoy and the company took place prior to the time when the claim on which plaintiff sues accrued. 1 Morawetz on Private Corp., sec. 109; vol. 2, sec. 824; 2 Thompson’s Com. on Law of…
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Appeal from Jackson Circuit Court. — Hon. John W. Henry, Judge. (1) The so-called “sale” or “surrender” of stock by defendant John McCoy to the company was ultra vires and void, and he remains liable to plaintiff as a creditor of the company; regardless of the fact that the transaction between McCoy and the company took place prior to the time when the claim on which plaintiff sues accrued. 1 Morawetz on Private Corp., sec. 109; vol. 2, sec. 824; 2 Thompson’s Com. on Law of Corporations, sec. 1151; Ins. Co. v. Eloyd, 74 Mo. 286; Nichols v. Stevens, 123 Mo. 96; Ollesheimer v. Mfg. Co., 44 Mo.…
1Opinion of the CourtMarshall, J.
— Motion to charge stockholder for wit-paid subscription for stock.
In 1888 McCoy and McAfee, as partners, were engaged in the operation of a woolen mill at Independence. On the 28th of August of that year they organized a business corporation under the name of “The McCoy and McAfee’s "Wool Manufacturing Company,” with a capital stock of fifty thous- and dollars, the whole of which was alleged to have been bona fide subscribed, and the full amount thereof actually paid up in lawful money of the United States and to be in the custody of the persons named as the first board of directors. The…
2Cases cited27 opinions
- Upton v. TribilcockSupreme Court of the United States · 1875
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- New England Trust Co. v. AbbottMassachusetts Supreme Judicial Court · 1894
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Shickle v. WattsSupreme Court of Missouri · 1887
22 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Coleman v. HageySupreme Court of Missouri · 1913
- Kelly v. Central Union Fire InsuranceSupreme Court of Kansas · 1917
- Wilson v. Torchon Lace & Mercantile Co.Missouri Court of Appeals · 1912
- Lebens v. NelsonSupreme Court of Minnesota · 1921
- Boley v. Sonora Development Co.Missouri Court of Appeals · 1907
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