Craycraft v. National Building & Loan Ass'n
Court of Appeals of Kentucky
Case 25 — Action by National Building & Loan Association against George Craycraft, &c., for Specific Performance of Contract to Purchase Heal Estate. appeal from: Jefferson circuit court, chancery division.
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Case 25 — Action by National Building & Loan Association against George Craycraft, &c., for Specific Performance of Contract to Purchase Heal Estate. appeal from: Jefferson circuit court, chancery division. Judgment for Plaintiff and Defendants Appeal. 1. Our contention is, that a majority >of the stockholders of a corporation can not wind up its affairs by adopting a schema •or plan which simply seems fair to such majority. 2. Every stockholder in such corporation that is being wound up, has the right to an absolute, equitable and equal distribution of all the surplus assets of the…
1Opinion of the Court
Opinion of the court bt
JUDGE O’REAR
Reversing.
Appellee is a building and loan association organized and operating under tbe laws of Kentucky, and subject to tbe provisions of tbe present Constitution and statutes. Appellee found it was unable to prosecute its business with success, and, in tbe course of its business, by investment in real estate and tbe purchase of real estate for debts, it acquired real property of tbe value of about $140,000 at its book value; that is, at tbe price wbicb tbe property cost appellee. It bad a large number of stockholders, bolding a large amount of its capital…
2Cases cited3 opinions
- Allen v. RussellCourt of Appeals of Kentucky · 1879
- Goodrich v. City Loan & Building Ass'nSupreme Court of Georgia · 1875
- Economy Building & Loan Ass'n v. Paris Ice Manufacturing Co.Court of Appeals of Kentucky · 1902
3Cited by2 opinions
- Griffith v. Daylight Savings Building & Loan Ass'nSuperior Court of Pennsylvania · 1940
- Griffith v. Daylight Saving B. & L. Ass'n, Pennsylvania Court of Common Pleas, Philadelphia County1939