State Bank of Commerce v. Kenney Band Instrument Co.
Supreme Court of Minnesota
Action in the district court for Hennepin county. The facts are stated in the opinion. Cyril L. Clark demurred to the complaint on the grounds that the facts stated in the complaint did not constitute a cause of action, that plaintiff had not legal capacity to sue, and that there was a defect of parties defendant in that the trustee in bankruptcy of defendant corporation was not made a party to the action.
Read the full summary
Action in the district court for Hennepin county. The facts are stated in the opinion. Cyril L. Clark demurred to the complaint on the grounds that the facts stated in the complaint did not constitute a cause of action, that plaintiff had not legal capacity to sue, and that there was a defect of parties defendant in that the trustee in bankruptcy of defendant corporation was not made a party to the action. The demurrer was sustained, Roekwood, J. From the order sustaining the demurrer, plaintiff appealed.
1Opinion of the CourtDibell, J.
Action by the plaintiff bank, a creditor suing in its own behalf and in behalf of all the creditors of the Kenney Band Instrument Company, a corporation in bankruptcy, to recover the difference between what they paid for their stock and its par value. There was a demurrer by the defendant Clark. The demurrer was sustained and the plaintiff appeals.
1. In substance the complaint alleges that $100,000 in stock of the Kenney Company was1 issued in payment of assets worth not more than $7,500. To the extent indicated the stock was bonus stock. The debt of the plaintiff arose subsequently to the…
2Cases cited33 opinions
- Bernheimer v. ConverseSupreme Court of the United States · 1907
- Converse v. HamiltonSupreme Court of the United States · 1912
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- Selig v. HamiltonSupreme Court of the United States · 1914
- First National Bank v. Gustin Minerva Consolidated Mining Co.Supreme Court of Minnesota · 1890
28 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Bacich v. Northland Transportation Co.Supreme Court of Minnesota · 1932
- Thomason v. MillerCourt of Appeals of Texas · 1928
- Woodward v. SonnesynSupreme Court of Minnesota · 1925
- Dispatch Printing Co. v. Security Bond & Investment Co.Supreme Court of Minnesota · 1923
- Peterson v. DareliusSupreme Court of Minnesota · 1926
1 more not listed; retrieve them via the Exa API.