Boomer v. Rowe
Court of Appeals for the Ninth Circuit
Appeal from the District Court of the United States for the District of Montana; Geo. M. Bourquin, Judge. Suit by Laura A. Boomer against James H. Rowe. Erom a decree dismissing the bill (244 Eed. 307), complainant appeals. The Salmon Laud Company is a Montana corporation. Rowe, the appellee, was one of the directors and was secretary. In 1910 the corporation became indebted in a sum in excess of its capital stock.
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Appeal from the District Court of the United States for the District of Montana; Geo. M. Bourquin, Judge. Suit by Laura A. Boomer against James H. Rowe. Erom a decree dismissing the bill (244 Eed. 307), complainant appeals. The Salmon Laud Company is a Montana corporation. Rowe, the appellee, was one of the directors and was secretary. In 1910 the corporation became indebted in a sum in excess of its capital stock. Rowe, with other directors, executed and delivered to Mrs. Boomer, appellant, a promissory note for §20,520.73, and interest, and gave a mortgage to secure the note. Thereafter…
1Opinion of the CourtHunt, Circuit Judge
(after stating the facts as above). The question for decision is, Was the corporation dissolved within the meaning of section 3837 of the Revised Codes of Montana? We quote the section:
“3837. Dividends to he Made from Surplus Profits. — The directors of corporations must not make dividends, except from the surplus profits arising from the business thereof; nor must they divide, withdraw or pay to the stockholders, or any of them, any part oí the capital stock; nor must they create debts beyond their subscribed capital stock, or reduce or Increase the capital stock, exeei)t as hereinafter…
2Cases cited15 opinions
- Huntington v. AttrillSupreme Court of the United States · 1892
- Pulllman's Palace Car Co. v. Missouri Pacific Railway Co.Supreme Court of the United States · 1885
- Keokuk & Western Railroad v. MissouriSupreme Court of the United States · 1894
- Hornor v. HenningSupreme Court of the United States · 1876
- McDonnell v. Alabama Gold Life InsuranceSupreme Court of Alabama · 1888
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