Sullivan v. Central Land Co.
Supreme Court of Alabama
Appeal from Birmingham City Court. Heard before Hon. H. A. Sharpe. Bill by C. B. Sullivan as trustee, against the Central Land Company, and others, to dissolve the corporation and wind up its business, and affairs. From a decree denying relief complainant appeals.
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Appeal from Birmingham City Court. Heard before Hon. H. A. Sharpe. Bill by C. B. Sullivan as trustee, against the Central Land Company, and others, to dissolve the corporation and wind up its business, and affairs. From a decree denying relief complainant appeals. The equities of the bill were settled on a former appeal. — C. L. Co. v. Sullivan, 152 Ala. 360. Where a private business corporation has failed of the purposes and objects of its creation, a single stockholder may maintain a bill in equity for the sale of the assets and the .distribution of the proceeds among those equitably…
1Opinion of the CourtSayre, J.
The considerations upon which a court of equity will intervene at the suit of a minority stockholder to dispose of the corporate property and distribute its proceeds, thus working a practical dissolution of the corporation, whatever in this last regard may be the precise legal effect of the decree, were well stated ,bv Judge Tyson, in Noble v. Gadsden Land Company, 133 Ala. 250, 31 South. 856, 91 Am. St. Rep. 27, and by Judge Denson in this case on a former appeal (152 Ala. 360, 44 South. 644). Any further statement of the general principles involved is now unnecessary. The company in the…
2Cases cited6 opinions
- Noble v. Gadsden Land & Improvement Co.Supreme Court of Alabama · 1901
- Franco-Texan Land Co. v. LaigleTexas Supreme Court · 1883
- Wright v. LeeSouth Dakota Supreme Court · 1892
- Humphreys v. MooneySupreme Court of Colorado · 1880
- Miller v. EwerSupreme Judicial Court of Maine · 1847
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Phinizy v. Anniston City Land Co.Supreme Court of Alabama · 1916
- Ingalls Iron Works Co. v. Ingalls FoundationSupreme Court of Alabama · 1957
- Dixie Lumber Co. v. HellamsSupreme Court of Alabama · 1919
- Lost Creek Coal & Mineral Land Co. v. ScheuerSupreme Court of Alabama · 1931
- Cairns v. BetheaSupreme Court of Alabama · 1924