Fuller v. McCormick
Michigan Supreme Court
Appeal from Kalamazoo; Adams, J. Bill by Horace J. Fuller against Hiram W. McCormick, Frank D. McCormick, and the Olympic for the appointment of a receiver for defendant corporation. From an order overruling a demurrer, defendants McCormick appeal.
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Appeal from Kalamazoo; Adams, J. Bill by Horace J. Fuller against Hiram W. McCormick, Frank D. McCormick, and the Olympic for the appointment of a receiver for defendant corporation. From an order overruling a demurrer, defendants McCormick appeal. Complainant, a minority stockholder in, and creditor of, a corporation named “The Olympic,” organized under Act No. 232 of the Public Acts of 1903, filed his bill, in which he charges, among other things, that the corporation is insolvent, and in which he prays that a receiver be appointed to take charge of and to close its affairs. The bill…
1Opinion of the CourtOstrander, J.
(after stating the facts). We are referred by counsel for complainant to no authority which supports his right to maintain this bill. Clearly Hawes v. Contra Costa Waterworks Co., 104 U. S. 450, is not such an authority. Nor is the jurisdiction invoked conferred by 3 Comp. Laws, §§ 9757, 9759; nor by 3 Comp. Laws, § 8545. The defendant stockholders are charged with no mismanagement of corporate funds. They have not, as steckholders or as directors, acquired money or property or lost or wasted assets of the corporation. If the court were to exercise the visitatorial powers conferred by 3 Comp.…
2Cases cited2 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Heap v. Heap Manufacturing Co.Michigan Supreme Court · 1893
3Cited by4 opinions
- Town v. Duplex-Power Car Co.Michigan Supreme Court · 1912
- Edison v. Fleckenstein Pump Co.Michigan Supreme Court · 1930
- McMillan v. MillerMichigan Supreme Court · 1913
- Rytkonen v. ButlerMichigan Supreme Court · 1943