Bank of Soperton v. Empire Realty Trust Co.
Supreme Court of Georgia
Injimction and receivership. Before Judge Mathews. Bibb superior court. March 14, 1914. A corporation was chartered by the superior court, and its assets consisted mainly of real estate.
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Injimction and receivership. Before Judge Mathews. Bibb superior court. March 14, 1914. A corporation was chartered by the superior court, and its assets consisted mainly of real estate. At a regular annual meeting of the stockholders, in which the holders of more than two thirds of the capital stock participated, the following resolutions were unanimously adopted: "Whereas the assets of said company are in such a shape, and the condition of the market is such, that said assets can not be rendered available for the meeting of the obligations of the company without disastrous sacrifice of said…
1Opinion of the CourtLumpkin, J.
1. A corporation can not, as a plaintiff, maintain an equitable suit to marshal its own assets; and the appointment of a receiver under such a proceeding, over the objection of creditors, duly made, is error. Steele Lumber Co. v. Laurens Lumber Co., 98 Ga. 329 (24 S. E. 755); Gresham v. Crossland, 59 Ga. 271; Martin v. Brown, 129 Ga. 562, 569 (59 S. E. 302).
2. Under the facts set out in the petition and its amendments, no case was presented in which a majority or minority of the stockholders were proceeding against other stockholders or directors and the company, because of facts authorizing…
2Cases cited2 opinions
- Steele Lumber Co. v. Laurens Lumber Co.Supreme Court of Georgia · 1896
- Martin v. BrownSupreme Court of Georgia · 1907
3Cited by6 opinions
- Board of Education of Baker County v. HallSupreme Court of Georgia · 1940
- Davison-Nicholson Co. v. PoundSupreme Court of Georgia · 1917
- Bank of Soperton v. HollandSupreme Court of Georgia · 1914
- Shedden v. National Florence Crittenton MissionSupreme Court of Georgia · 1940
- Bartlett v. TaylorSupreme Court of Georgia · 1919
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