Illoway v. Daly
Superior Court of Pennsylvania
Appeal, No. 123, Oct. T., 1916, by defendant, from judgment of O. P. No. 1, Philadelphia Co., June T., 1913, No. 4'694, on verdict for plaintiff in case of Bernard A. Illoway, Trustee in Bankruptcy of Peter Holscher Cutstone Construction Co., Bankrupt, v. Denis A. Daly and Frederick Wielandt. Trespass for conversion of corporate property.
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Appeal, No. 123, Oct. T., 1916, by defendant, from judgment of O. P. No. 1, Philadelphia Co., June T., 1913, No. 4'694, on verdict for plaintiff in case of Bernard A. Illoway, Trustee in Bankruptcy of Peter Holscher Cutstone Construction Co., Bankrupt, v. Denis A. Daly and Frederick Wielandt. Trespass for conversion of corporate property. Before Shoemaker, J. Plaintiff’s statement of claim averred that the Peter Holscher Cutstone Construction Company, a corpora' tion, filed its voluntary petition in bankruptcy on April 5, 1913, and was, thereupon, duly adjudicated a bankrupt; that prior to…
1Opinion of the Court
Opinion by
Kephart, J.,
A corporation has the right to acquire stock of its own where the transaction is not prohibited by statute: Dock v. Schlichter, Jute Cordage Company, 167 Pa. 370, and as the assets of the corporation as represented by its capital stock are regarded in the nature of trust funds for the payment of corporate creditors it would follow that a corporation has no power to buy its own stock to the injury *336of its existing creditors. While the capital stock of a corporation is regarded as a liability against the company and its shareholders are creditors, their right to participate…
2Cases cited4 opinions
- Lauman v. Lebanon Valley RailroadSupreme Court of Pennsylvania · 1858
- Dock v. Schlichter Jute Cordage Co.Supreme Court of Pennsylvania · 1895
- Balliet v. BrownSupreme Court of Pennsylvania · 1883
- Mechanics' Building & Savings Ass'n No. 2's Assigned EstateSupreme Court of Pennsylvania · 1902
3Cited by10 opinions
- Weisbecker v. Hosiery Patents, Inc.Supreme Court of Pennsylvania · 1947
- Maxler v. Freeport BankSupreme Court of Pennsylvania · 1923
- Wolf v. Excelsior Automatic Scale & Supply Co.Supreme Court of Pennsylvania · 1921
- McCay v. Luzerne & Carbon County Motor Transit Co.Superior Court of Pennsylvania · 1936
- Gehret v. Mitten Bank Securities Corp.Superior Court of Pennsylvania · 1935
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