Greenwood Compress & Storage Co. v. Fly

MIZE, District Judge.

Plaintiff is a corporation organized and existing under the laws of the state of Mississippi and is engaged in storing cotton for hire, doing a warehouse business.

The stockholders of the corporation on June 6, 1933, passed and adopted the following resolution:

“It appearing to the stockholders of this company that it has accrued storage charges amounting to more than $85,000.00 secured by cotton in storage and loose cotton in bales worth more than $35,000.00, cash on hand amounting to more than $16,000.00, it is ordered that a dividend of 48% or $120,000.00 be declared and…