Schoening v. Schwenk
Supreme Court of Iowa
Appeal from Scott District Court. — Hon. A. J. House. Judge. Tins is au action in equity brought by two stockholders in a corporation known as the “Green Tree Butter & Cheese Factory,” in behalf of themselves and any other stockholders who may wish to join with them, to recover judgment against several persons, individually named as defendants, who were alleged to have been directors and officers-of said corporation, to recover, in behalf of the corporation, judgment against…
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Appeal from Scott District Court. — Hon. A. J. House. Judge. Tins is au action in equity brought by two stockholders in a corporation known as the “Green Tree Butter & Cheese Factory,” in behalf of themselves and any other stockholders who may wish to join with them, to recover judgment against several persons, individually named as defendants, who were alleged to have been directors and officers-of said corporation, to recover, in behalf of the corporation, judgment against said individual defendants for diversion and misappropriation of the funds of the corporation. The corporation is…
1Opinion of the CourtMcClain, J.
1 *7362 ■3 *735There is no doubt as to the right of' individual stockholders to maintain such a suit as this for the benefit of the corporation, where the officers and direct-
ors have abused their trust and wasted the corporate-assets. Hawes v. City of Oakland, 104 U. S. 450 (26 L. Ed. 827) ; Steiner v. Parsons, 103 Ala. 215 (13 South. Rep. 771) ; Brewer v. Proprietors, 104 Mass. 378; Eaton v. Robinson, 19 R. I. 146 (31 Atl. Rep. 1058, 32 Atl. Rep. 339, 29 L .R. A. 100 supplemented opinion) ; Dillon v. Lee, 110 Iowa, 156; 4 Thompson, Corporations, 4479-4491; Elliott, Corporations, 421-430; Cook,…
2Cases cited11 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Brewer v. Proprietors of the Boston TheatreMassachusetts Supreme Judicial Court · 1870
- McLachlan v. Incorporated Town of GraySupreme Court of Iowa · 1898
- Dillon v. LeeSupreme Court of Iowa · 1899
- Eaton v. RobinsonSupreme Court of Rhode Island · 1895
6 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Berger v. General United Group, Inc.Supreme Court of Iowa · 1978
- Des Moines Bank & Trust Co. v. George M. Bechtel & Co.Supreme Court of Iowa · 1952
- Cosgriff v. Duluth Firemen's Relief Assn.Supreme Court of Minnesota · 1951
- Reed v. HollingsworthSupreme Court of Iowa · 1912
- Padelford v. City of Eagle GroveSupreme Court of Iowa · 1902
8 more not listed; retrieve them via the Exa API.