Bank of Forest v. Orgill Bros.
Mississippi Supreme Court
From the circuit court of Copiah county. IIon. Robert Powell, Judge. Orgill Bros. & Co., a corporation, appellee, was plaintiff in the court below; the Bank of Forest, and one Huber, were defendants there. From a judgment in plaintiff’s favor both defendants appealed to the supreme court. Huber and others were organizing a corporation, the Bank of Forest.
Read the full summary
From the circuit court of Copiah county. IIon. Robert Powell, Judge. Orgill Bros. & Co., a corporation, appellee, was plaintiff in the court below; the Bank of Forest, and one Huber, were defendants there. From a judgment in plaintiff’s favor both defendants appealed to the supreme court. Huber and others were organizing a corporation, the Bank of Forest. At a meeting of the promoters and subsequent incorporators, before the corporation came into being, Huber was authorized by them to purchase a burglar-proof safe, vault door, etc., for the use of the bank, after which he ordered the safe,…
1Opinion of the Court
Terral, L,
delivered the opinion of the court.
The judgment appealed from must be reversed as to the Bank of Forest. The contract of Huber, one of the promoters of the Bank of Forest, for the purchase of a' burglar-proof safe and a vault door from appellees, was before the incorporation of the Bank of Forest; and it is a rule of law that such contracts of promoters are not binding upon the corporation unless it receives the benefit thereof, or the contract is adopted by it. There has been no acceptance or adoption here. Morawetz on Corporations, sec. 548; Law of Promoters, etc., by Alger, c.…
2Cited by13 opinions
- Moor v. ParksMississippi Supreme Court · 1920
- Jamison v. JamisonMississippi Supreme Court · 1909
- Matter of Estate of EdwardsMississippi Supreme Court · 1988
- Genna v. HarringtonMississippi Supreme Court · 1971
- Scally v. WardlawMississippi Supreme Court · 1920
8 more not listed; retrieve them via the Exa API.