Heller, Hirsch & Co. v. National Marine Bank
Court of Appeals of Maryland
Appeal from a decree of the Circuit Court of Baltimore City (Wickes, J.), by which it was adjudged that the holders of the preferred stock of the Chesapeake Guano Company have a lien upon the property of the corporation, including the moneys collected by the receivers, and are entitled to priority over creditors of the corporation whose debts were contracted subsequently to the time when said stock was issued.
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Appeal from a decree of the Circuit Court of Baltimore City (Wickes, J.), by which it was adjudged that the holders of the preferred stock of the Chesapeake Guano Company have a lien upon the property of the corporation, including the moneys collected by the receivers, and are entitled to priority over creditors of the corporation whose debts were contracted subsequently to the time when said stock was issued. The cause was argued before McSherry, C. J., Fowler, Boyd and Page, JJ.
1Opinion of the CourtMcSherry, C. J.
The contention in this case is between the holders of what is called preferred stock and creditors of an insolvent corporation.
The stockholders of the Chesapeake Guano Company, a corporation formed under the general corporation laws of this State, voted some years ago to increase the company’s capital by the issue of sixty thousand dollars of preferred stock. Without pausing at this point to examine whether the method pursued was the proper one or not, it suffices for the present to say that the authorized shares were all taken. Subsequently the company contracted the debts due to unsecured…
2Cases cited12 opinions
- United States v. Trans-Missouri Freight Assn.Supreme Court of the United States · 1897
- Freedman's Saving & Trust Co. v. ShepherdSupreme Court of the United States · 1888
- Kountze v. Omaha Hotel Co.Supreme Court of the United States · 1883
- Gilman v. Illinois and Mississippi Telegraph Company. Coykendall, Garnishee v. IdemSupreme Court of the United States · 1876
- Warren v. KingSupreme Court of the United States · 1883
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- First National Bank v. Fidelity & Deposit Co.Court of Appeals of Maryland · 1978
- Webster v. People's Loan, Savings & Deposit BankCourt of Appeals of Maryland · 1931
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