Lagarde v. Anniston Lime & Stone Co.
Supreme Court of Alabama
Appeal from the City Court of Gadsden, in Equity. Heard before 'the Hon. John H. Bisque. The bill in this case was filed by the Anniston Lime & Stone Company against the appellants. The case made by the averments of the bill are substantially as follows: The complainant is a corporation organized under the laws oí Alabama, for the purpose of quarrying limestone, and the manufacture of lime.
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Appeal from the City Court of Gadsden, in Equity. Heard before 'the Hon. John H. Bisque. The bill in this case was filed by the Anniston Lime & Stone Company against the appellants. The case made by the averments of the bill are substantially as follows: The complainant is a corporation organized under the laws oí Alabama, for the purpose of quarrying limestone, and the manufacture of lime. It had been engaged in this business for a number of years prior to 1896. The complainant had been for some time prior to January, 1896, negotiating for and endeavoring to purchase certain lands and…
1Opinion of the CourtSharpe, J.
It is well settled that directors and other governing members of a corporation are so far *501agents of the corporation that in their dealings respecting corporate interests, they are subject to the rules, which apply generally to persons standing in fiduciary relations and which forbid such persons to secure an. advantage for themselves which fidelity 'to the trust reposed in them would carry to others whose interests-they ought to represent. It is a breach of their fiduciary obligations which equity will not tolerate for such officers in antagonism to the corporate interest to oust the…
2Cases cited2 opinions
- Robinson v. . JewettNew York Court of Appeals · 1889
- Averill v. BarberNew York Supreme Court · 1889
3Cited by26 opinions
- Guth v. Loft, Inc.Supreme Court of Delaware · 1939
- Durfee v. Durfee & Canning, Inc.Massachusetts Supreme Judicial Court · 1948
- Loft, Inc. v. GuthCourt of Chancery of Delaware · 1938
- Lincoln Stores, Inc. v. GrantMassachusetts Supreme Judicial Court · 1941
- Blaustein v. Pan American Petroleum & Transport Co.Appellate Division of the Supreme Court of the State of New York · 1941
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