Pitman v. Chicago-Joplin Lead & Zinc Co.
Missouri Court of Appeals
Appeal from Barton Circuit Court —Eon. E. 0. Timmonds, Judge. (1) The management of affairs of a corporation are by the law committed to the care of the board of directors; and, each director is conclusively presumed to know all about the conditions of the corporation, its property, debts and assets.
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Appeal from Barton Circuit Court —Eon. E. 0. Timmonds, Judge. (1) The management of affairs of a corporation are by the law committed to the care of the board of directors; and, each director is conclusively presumed to know all about the conditions of the corporation, its property, debts and assets. R. S. 1899, sec. 973; Martin v. Webb, 110 U. S. 7; Austin v. Bank, 174 U. S. 147; Bank v. Hill, 148 Mo. 391; Bank v. Chatfield, 121 Mich. 641; Greener v. Moshier, '58 Neb. 156; Bank v. Trust Co., 148 N. Y. 627; Ewell Evans on Agency, page 278; Marshall v. Bank, 85 Ya. 676, 223, 574; Ellis v.…
1Opinion of the CourtJohnson, J.
— Defendant, a Missouri corporation, being insolvent on June 1, 1900, conveyed by bill of sale certain personal property to R. G. Blair, one of its directors. The consideration was one thousand dollars, which Blair paid by giving credit upon a debt of twelve hundred dollars owed him by defendant. After-wards, upon the same day, defendant made a deed of assignment for the benefit of its creditors. The execution of both conveyances was authorized and directed at a meeting of defendant’s board of directors attended by Blair who participated in the'proceedings excepting the action taken with…
2Cases cited8 opinions
- Foster v. Mullanphy Planing Mill Co.Supreme Court of Missouri · 1887
- Alberger v. National Bank of CommerceSupreme Court of Missouri · 1894
- Schufeldt v. SmithSupreme Court of Missouri · 1895
- Chouteau Insurance v. Holmes' AdministratorSupreme Court of Missouri · 1878
- Schufeldt v. SmithSupreme Court of Missouri · 1897
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3Cited by2 opinions
- Farrell v. Drumm Floral Co.Court of Appeals of Texas · 1939
- State ex rel. Blair v. PitmanMissouri Court of Appeals · 1908