American Tube Works v. Boston Machine Co.
Massachusetts Supreme Judicial Court
Appeal from a decree of the judge of insolvency, disallowing the plaintiff’s claim against the estate of the defendant corporation. Trial in the Superior Court, without a jury, before Bacon, J., who found for the plaintiff, and reported the case for the determination of this court, in substance as follows : Both parties are manufacturing corporations, established under the general law.
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Appeal from a decree of the judge of insolvency, disallowing the plaintiff’s claim against the estate of the defendant corporation. Trial in the Superior Court, without a jury, before Bacon, J., who found for the plaintiff, and reported the case for the determination of this court, in substance as follows : Both parties are manufacturing corporations, established under the general law. In December, 1880, the defendant owed the plaintiff, for borrowed money, $12,800, the debt bearing interest at the rate of seven per cent. On December 30, 1880, the defendant corporation, by a vote of three…
1Opinion of the CourtC. Allen, J.
The issue of special stock was invalid. This is a peculiar kind of stock, now distinctly provided for by statute, *9but unknown to the general laws of the Commonwealth until 1855. Its characteristics are, that it is limited in amount to two fifths of the actual capital; it is subject to redemption by ■ the corporation at par after a fixed time, to be expressed in the certificates; the corporation is bound to pay a fixed half-yearly sum, or dividend upon it, as a debt; the holders of it are in no event liable for the debts of the corporation beyond their stock; and the issue of special stock…
2Cases cited8 opinions
- Kent v. . Quicksilver Mining Co.New York Court of Appeals · 1879
- Turnbull v. PaysonSupreme Court of the United States · 1877
- Morrison v. City of LawrenceMassachusetts Supreme Judicial Court · 1867
- Montgomery v. PickeringMassachusetts Supreme Judicial Court · 1874
- Preble v. BaldwinMassachusetts Supreme Judicial Court · 1850
3 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Cunningham v. Commissioner of BanksMassachusetts Supreme Judicial Court · 1924
- Jessie v. BoyntonMassachusetts Supreme Judicial Court · 1977
- Bloomfield v. Charter Oak BankSupreme Court of the United States · 1887
- Commissioner of Banks v. Cosmopolitan Trust Co.Massachusetts Supreme Judicial Court · 1925
- Hurley v. Boston Railroad Holding Co.Massachusetts Supreme Judicial Court · 1944
32 more not listed; retrieve them via the Exa API.