Cook v. Carpenter
Supreme Court of Pennsylvania
Appeal, No. 199, Jan. T., 1904, by M. "W". Lipper, from decree of C. P. No. 2, Pbila. Co., March T., 1899, No. 145, on bill in equity in case of Richard Y. Cook and George H. Earle, Jr., Assignees, for the benefit of creditors of the Chestnut Street Trust and Saving Fund Company v. Richard L. Carpenter and forty others including M. W. Lipper, Stockholders. Bill in equity to enforce stock subscriptions.
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Appeal, No. 199, Jan. T., 1904, by M. "W". Lipper, from decree of C. P. No. 2, Pbila. Co., March T., 1899, No. 145, on bill in equity in case of Richard Y. Cook and George H. Earle, Jr., Assignees, for the benefit of creditors of the Chestnut Street Trust and Saving Fund Company v. Richard L. Carpenter and forty others including M. W. Lipper, Stockholders. Bill in equity to enforce stock subscriptions. Before Sulzberger, P. J. The answer to the bill averred that the company incorporated on June 8, 1888, started business with paid in capital of fifty per cent of its authorized capital, and…
1Opinion of the Court
Opinion by
Mr. Chief Justice Mitchell,
The preliminary question is the jurisdiction in equity. Appellants insist that there is a plain, full and adequate remedy at law, by suits against the several stockholders defendant, *167where each can defend upon his own case nntrammeled by differences of fact in the others. That there is a remedy at law by separate actions against the respondents is undeniable, but is it a full and adequate remedy in the sense that it bars the jurisdiction of equity?
The subject of the controversy is the collection and administration of corporate assets as a trust fund for…
2Cases cited28 opinions
- Hartranft's EstateSupreme Court of Pennsylvania · 1893
- Swearingen v. Sewickley Dairy Co.Supreme Court of Pennsylvania · 1901
- Appeal of the Brush Electric Co.Supreme Court of Pennsylvania · 1887
- Bunn's AppealSupreme Court of Pennsylvania · 1884
- Girard Bank v. Bank of Penn TownshipSupreme Court of Pennsylvania · 1861
23 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- n.sidney Nyhus v. Travel Management CorporationCourt of Appeals for the D.C. Circuit · 1972
- Bell, Secy. of Banking v. BradySupreme Court of Pennsylvania · 1943
- Aarons v. Pub. Ser. B. L. Assn.Supreme Court of Pennsylvania · 1935
- John W. Cooney Co. v. Arlington Hotel Co.Court of Chancery of Delaware · 1917
- Gurenlian v. GurenlianSuperior Court of Pennsylvania · 1991
37 more not listed; retrieve them via the Exa API.