King v. Pomeroy
Court of Appeals for the Eighth Circuit
In Error to the Circuit Court of the United States for the District of Kansas. The writ of error in this case challenges a judgment which sustains a demurrer to a complaint made by Albert S. King, as receiver of the First National Bank of Frankfort, in the state of Kansas, against J. P. Pomeroy, a shareholder of that bank.
Read the full summary
In Error to the Circuit Court of the United States for the District of Kansas. The writ of error in this case challenges a judgment which sustains a demurrer to a complaint made by Albert S. King, as receiver of the First National Bank of Frankfort, in the state of Kansas, against J. P. Pomeroy, a shareholder of that bank. These are the material facts which the bill discloses: The First National Bank of Frankfort was located at that town, in the state of Kansas, on April 13, 1891, and the defendant, Pomeroy, owned 70 shares of its stock, of the par value of $100 per share. That bank went into…
1Opinion of the CourtSanborn, Circuit Judge
When a corporation becomes insolvent, all its property and all the liabilities of the guarantors of its obligations constitute a trust fund pledged to the payment of its debts. And in cases where through fraud or maladministration this fund is being diverted from those who are entitled to receive it, the power is vested in, and the duty is imposed upon, courts of equity to appoint a receiver, to direct him to convert these trust funds into money, and to distribute the proceeds among the creditors. Sawyer v. Hoag, 17 Wall. 611, 622, 21 L. Ed. 731; Hayden v. Thompson, 71 Fed. 60, 66, 17 C. C.…
2Cases cited21 opinions
- Cohens v. VirginiaSupreme Court of the United States · 1821
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- United States v. Wong Kim ArkSupreme Court of the United States · 1898
- Richmond v. IronsSupreme Court of the United States · 1887
- Kennedy v. GibsonSupreme Court of the United States · 1869
16 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- Texas & Pacific Railway Co. v. PottorffSupreme Court of the United States · 1934
- Brown v. O'KEEFESupreme Court of the United States · 1937
- Isbell v. United StatesCourt of Appeals for the Eighth Circuit · 1915
- Northern Pac. Ry. Co. v. North American Telegraph Co.Court of Appeals for the Eighth Circuit · 1915
- George v. WallaceCourt of Appeals for the Eighth Circuit · 1904
31 more not listed; retrieve them via the Exa API.