Manufacturers' Savings Bank v. Big Muddy Iron Co.
Supreme Court of Missouri
Appeal from St. Louis Qity Qireuit Qourt. — Hon. W. H. Horner, Judge. (1) The finding of the referee was erroneous. (2) The assignment by White and the transfer of the stock on the books of the corporation, vested the title to the stock in Harding, as trustee for the bank, and fixed and determined the relations of White, assignor, and Harding, the assignee, to the corporation.
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Appeal from St. Louis Qity Qireuit Qourt. — Hon. W. H. Horner, Judge. (1) The finding of the referee was erroneous. (2) The assignment by White and the transfer of the stock on the books of the corporation, vested the title to the stock in Harding, as trustee for the bank, and fixed and determined the relations of White, assignor, and Harding, the assignee, to the corporation. By that act White ceased to be, and Harding became, a stockholder in the company; and White lost, and Harding acquired, the right to vote the stock. (1) Laches or delay of a stockholder is peculiarly fatal to his claim…
1Opinion of the CourtBlack, J.
This is a suit begun by the plaintiff and now prosecuted in its name for the purpose of compelling the directors of Big Muddy Iron Company to account for property which it is alleged they fraudulently and secretly sold, and by reason of which alleged fraudulent and secret sale it is claimed the stock held by the plaintiff was rendered worthless. It is also alleged that the defendants converted to their own use pig iron of the value of §126,000.
It appears that Benjamin White owned seventy-five shares of preferred and one hundred and fifty shares of common stock in the Big Muddy Iron Company.…
2Cases cited4 opinions
- Kitchen v. St. Louis, Kansas City & Northern Railway Co.Supreme Court of Missouri · 1878
- Keokuk Northern Line Packet Co. v. DavidsonSupreme Court of Missouri · 1888
- Hutchinson v. GreenSupreme Court of Missouri · 1886
- Kinealy v. MacklinSupreme Court of Missouri · 1886
3Cited by16 opinions
- O'Conner Mining & Manufacturing Co. v. Coosa Furnace Co.Supreme Court of Alabama · 1891
- Barrie v. United Railways Co.Missouri Court of Appeals · 1909
- Sausalito Bay Land Co. v. Sausalito Improvement Co.California Supreme Court · 1913
- Salina National Bank v. PrescottSupreme Court of Kansas · 1899
- New Hampshire Fire Insurance Company, of Manchester, New Hampshire, a Corporation v. Virgil & Franks's Locker Service, Inc., a CorporationCourt of Appeals for the Eighth Circuit · 1962
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