Simon v. Sevier Ass'n
Supreme Court of Arkansas
APPEAL from Sevier Circuit Court. Rufus D. Hearn, Judge. 1. The assignment was ultra vires. Field on Corp., sec. 53, note 3 ; 21 Pa. St., 22; 38 N. W. Rep., 43 ; 9 Fed. Rep., 640; 3 Pac. Rep., 911. A corporation can do no acts except as provided in its charter. 1 N. E. Rep., 138 ; 13 Pet., 519; 21 Ark., 302. 2. If it had the power, the assignment was a fraud on creditors, as having been made in the interest of its stockholders. Burrill on Ass.
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APPEAL from Sevier Circuit Court. Rufus D. Hearn, Judge. 1. The assignment was ultra vires. Field on Corp., sec. 53, note 3 ; 21 Pa. St., 22; 38 N. W. Rep., 43 ; 9 Fed. Rep., 640; 3 Pac. Rep., 911. A corporation can do no acts except as provided in its charter. 1 N. E. Rep., 138 ; 13 Pet., 519; 21 Ark., 302. 2. If it had the power, the assignment was a fraud on creditors, as having been made in the interest of its stockholders. Burrill on Ass. (4th Ed), 276 ; 47 Ark., 347, 370 and it does not matter whether the assignee knew of the fraud or not. Acts 1887, p. 195. 3. The withdrawing of assets…
1Opinion of the CourtBattle, J.
On the 15th of January, 1889, “the Sevier County Co-operative Association,” being the owner of a stock of goods, wares and merchandise, assigned the same to D. M. Bryant for the benefit of its creditors. On the 19th of the same month H. T. Simon, Gregory & Co., sued out an order of attachment, and caused the same to be levied on the property assigned. The grounds of attachment were: “ The Sevier County Co-operative Association ” “ had sold, conveyed, or otherwise disposed of its property with the fraudulent intent to cheat, hinder, delay and defraud its creditors,” and that the defendant had…
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