Adams v. Kehlor Milling Co.
U.S. Circuit Court for the District of Eastern Missouri
In Equity. Rev. St. Mo. § 744 provides that “upon the dissolution of a corporation * * * the president and directors or managers of the affairs of said corporation at the time of its dissolution * •* * shall be trustees of such corporation, with full power to settle the affairs, collect the outstanding debts, and divide the moneys and other property among the stockholders after paying the debts due and owing by such corporation at the time of its dissolution, as far as such…
Read the full summary
In Equity. Rev. St. Mo. § 744 provides that “upon the dissolution of a corporation * * * the president and directors or managers of the affairs of said corporation at the time of its dissolution * •* * shall be trustees of such corporation, with full power to settle the affairs, collect the outstanding debts, and divide the moneys and other property among the stockholders after paying the debts due and owing by such corporation at the time of its dissolution, as far as such money and property will enable them; to sue for and recover such debts and property by the name of the trustees of such…
1Opinion of the CourtThayer, J.
1. Under the testimony in this case it cannot be said that the Kehlor Milling Company had become dissolved on June 1, .1885, within the meaning of section 744, Rev. St. Mo., and that the directors of the company then became statutory trustees of its assets by force of the statute. Insolvency alone does not work a dissolution of a corporation. Foster v. Planing-Mill Co., 92 Mo. 87, 4 S. W. Rep. 260; 2 Mor. Priv. Corp. § 787, and cases cited; Manufacturing Co. v. Importing Co., 30 Fed. Rep. 864. The Kehlor Milling Company continued to hold meetings and transact business of various kinds for…
2Cases cited5 opinions
- Koehler v. Black River Falls Iron Co.Supreme Court of the United States · 1863
- Drury v. CrossSupreme Court of the United States · 1869
- Foster v. Mullanphy Planing Mill Co.Supreme Court of Missouri · 1887
- Hallam v. Indianola Hotel Co.Supreme Court of Iowa · 1881
- Pyles v. Furniture Co.West Virginia Supreme Court · 1887
3Cited by8 opinions
- In Re BernardCourt of Appeals for the Second Circuit · 1937
- Sutton Manuf'g Co. v. HutchinsonCourt of Appeals for the Seventh Circuit · 1894
- Doe v. Northwestern Coal & Transportation Co.U.S. Circuit Court for the District of Oregon · 1896
- W. P. Noble Mercantile Co. v. Mount Pleasant Equitable Co-operative InstitutionUtah Supreme Court · 1895
- City National Bank v. Goshen Woolen Mills Co.Indiana Court of Appeals · 1903
3 more not listed; retrieve them via the Exa API.