Gifford v. Thompson
Massachusetts Supreme Judicial Court
Bill in equity by George H. Gifford, trustee under the will of Pardon Gifford, against the residuary legatees under said will, to obtain the direction of the court as to the disposition to be made of a sum of money received from the New Bedford and Taunton Railroad Company, in lieu of certain shares of the stock of said corporation, in which part of the trust fund had been invested.
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Bill in equity by George H. Gifford, trustee under the will of Pardon Gifford, against the residuary legatees under said will, to obtain the direction of the court as to the disposition to be made of a sum of money received from the New Bedford and Taunton Railroad Company, in lieu of certain shares of the stock of said corporation, in which part of the trust fund had been invested. The case was reserved by Morton, J., for the consideration of the full court upon the bill and answers, from which it appeared to be as follows : The last will and testament of Pardon Gifford contained the…
1Opinion of the Court
Gray, C.
J. The earnings of the corporation remained, while undivided, part of the capital of the corporation, and the interest therein, represented by each certificate of a share of stock, was part of the capital and not of the income of that share, as between those entitled to successive rights in it. Minot v. Paine, 99 Mass. 101. Rand v. Hubbell, ante, 461. The vote of the corporation, in substance and intent, as manifested upon its face, was not a division of earnings, profits or income, as such, among the owners of shares which were to continue to exist; but a winding up of all the…
2Cases cited1 opinion
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
3Cited by25 opinions
- Gibbons v. MahonSupreme Court of the United States · 1890
- Anderson v. BeanMassachusetts Supreme Judicial Court · 1930
- In re Judicial Settlement of the Accounts of RogersAppellate Division of the Supreme Court of the State of New York · 1897
- Smith v. DanaSupreme Court of Connecticut · 1905
- D'Ooge v. LeedsMassachusetts Supreme Judicial Court · 1900
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