Olmstead v. Vance & Jones Co.
Illinois Supreme Court
Writ of Error to the Branch Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. R. S. Tuthill, Judge, presiding. The Smith & Jones Company, a corporation of Illinois, was formed in 1893 for the purpose of manufacturing boots and shoes, with a capital stock of $125,000, $60,000 of which was subscribed by J. C. Smith, $2500 by David Tilt and $62,500 by Arthur G. Jones.
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Writ of Error to the Branch Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. R. S. Tuthill, Judge, presiding. The Smith & Jones Company, a corporation of Illinois, was formed in 1893 for the purpose of manufacturing boots and shoes, with a capital stock of $125,000, $60,000 of which was subscribed by J. C. Smith, $2500 by David Tilt and $62,500 by Arthur G. Jones. On the 16th day of January, 1894, there was submitted to Bentley & Olmstead, who were wholesale boot and shoe dealers in Des-Moines, Iowa, a proposition,…
1Opinion of the CourtJustice Ricks
It is contended by defendants in error, the objectors below, that an agreement by a corporation to buy its own stock is equivalent to a contract to diminish its capital, and cannot be enforced to the injury of creditors. Plaintiff in error contends, that at the date of the contract between the Smith & Jones Company and Bentley & Olmstead none of the objectors were creditors; that the contract, as soon as the stock was delivered to Bentley & Olmstead, became an executed contract, and therefore no present creditors of the corporation are or can be injured, and that the corporation could…
2Cases cited1 opinion
- Clapp v. PetersonIllinois Supreme Court · 1882
3Cited by15 opinions
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- Davies v. Montana Auto Finance Corp.Montana Supreme Court · 1930
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