Graham Paper Co. v. Sheridan Publishing Co.
Missouri Court of Appeals
Appeal from Jackson Circuit Court. — Hon. Jas. H. Slover, Judge. (1) A new corporation which, absorbs the assets •of an old corporation, assumes- the liabilities of the latter. Bertholdt v. Land & Lumber Co., 91 Mo, App. 233. (2) The assets of a corporation are in the eye of equity a trust fund in which creditors have a right superior to stockholders as such. Corporate debts must be paid before shareholders may share in the corpus of the corporate estate.
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Appeal from Jackson Circuit Court. — Hon. Jas. H. Slover, Judge. (1) A new corporation which, absorbs the assets •of an old corporation, assumes- the liabilities of the latter. Bertholdt v. Land & Lumber Co., 91 Mo, App. 233. (2) The assets of a corporation are in the eye of equity a trust fund in which creditors have a right superior to stockholders as such. Corporate debts must be paid before shareholders may share in the corpus of the corporate estate. Barrie v. United Railways Co., 138 Mo. App. 557; Johnson v. United Railways Co., 152 S. W. 362. (3) When the director and principal…
1Opinion of the CourtTrimble, J.
This is a suit in equity by appellant, as a judgment creditor of the Kansas City Post-Publishing Company, a corporation, against respondent, the Sheridan Pubhshing Company, another corporation, to subject its property to the payment of said judgment on the ground that the former corporation was merged into the latter, and that, having-absorbed all the property of the former corporation,, the latter corporation held said property and assets, as a trust fund for the benefit of the creditors of said former corporation. The appellant seems to proceed', on the theory that proof of the mere…
2Cases cited7 opinions
- Alberger v. National Bank of CommerceSupreme Court of Missouri · 1894
- Barrie v. United Railways Co.Missouri Court of Appeals · 1909
- Johnson v. United Railways Co.Supreme Court of Missouri · 1912
- Berthold v. Holladay-Klotz Land & Lumber Co.Missouri Court of Appeals · 1901
- Schufeldt v. SmithSupreme Court of Missouri · 1895
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- Dairy Co-Operative Ass'n v. Brandes CreameryOregon Supreme Court · 1934
- Union Trust Co. v. HendricksonSupreme Court of Oklahoma · 1918
- Mercantile Home Bank & Trust Co. v. United StatesCourt of Appeals for the Eighth Circuit · 1938
- Musgrove v. Macon County BankMissouri Court of Appeals · 1914