Kelly v. Fahrney
Appellate Court of Illinois
Bill for accounting. Appeal from the Circuit Court of Cook county; the Hon. Thomas 6. Windbs, Judge, presiding. Heard in the Branch Appellate Court at the October term, 1907.
1Opinion of the CourtJustice Chytraus
That the officers and directors of a private corporation are in a fiduciary relation to the corporation and to the stockholders is elementary. Their duty, under the principles of equity, is to serve their trust beneficiaries honestly, faithfully and without negligence. They may not avail themselves of their position for their own gain, profit or advantage when to do so involves negligence of duty, loss of their service or other loss, injury, detriment or disadvantage to the beneficiaries of their trust. It is fundamental in the law of corporations that the majority of the stockholders shall…
2Cases cited21 opinions
- Kimberly v. ArmsSupreme Court of the United States · 1889
- Farmers' Loan & Trust Co. v. New York & Northern Railway Co.New York Court of Appeals · 1896
- Brown v. DeYoungIllinois Supreme Court · 1897
- Farwell v. Great Western Telegraph Co.Illinois Supreme Court · 1896
- Wheeler v. Pullman Iron & Steel Co.Illinois Supreme Court · 1892
16 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Duggan v. CommissionerUnited States Board of Tax Appeals · 1930
- Prange v. City of MarionAppellate Court of Illinois · 1943
- Reese v. MelahnAppellate Court of Illinois · 1977
- Timmerhoff v. Supreme Tent of KnightsAppellate Court of Illinois · 1910
- Doctors Hosp Hyde Pa v. LaSalle Bank Nat'lCourt of Appeals for the Seventh Circuit · 2007
1 more not listed; retrieve them via the Exa API.