Loomis v. Missouri Pacific Railway Co.
Supreme Court of Missouri
Appeal from St. Louis City Circuit Court. — Hon. H. D. Wood, Judge. The board of directors of a corporation are trustees for tbe corporation and its stockholders, and when acting for them are botuid to exercise the utmost good faith. Any attempt, in dealing with its property or affairs, to secure to themselves personal advantages over other stockholders, is subject to the most vigorous scrutiny. Schufieldt v. Smith, 131 Mo. 287; Hill v. Coal Co., 119 Mo. 9; 1 Morz on Priv.
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Appeal from St. Louis City Circuit Court. — Hon. H. D. Wood, Judge. The board of directors of a corporation are trustees for tbe corporation and its stockholders, and when acting for them are botuid to exercise the utmost good faith. Any attempt, in dealing with its property or affairs, to secure to themselves personal advantages over other stockholders, is subject to the most vigorous scrutiny. Schufieldt v. Smith, 131 Mo. 287; Hill v. Coal Co., 119 Mo. 9; 1 Morz on Priv. Cor. (2 Ed.), secs. 516-517; Bent v. Priest, 10 Mo. App. 543. The plaintiff in this cause, under the facts developed had…
1Opinion of the CourtGantt, J.
Plaintiff’s petition is a statement of his case.
In substance, it avers that the plaintiff, prior to February, 1881, owned practically all of the five hundred shares of the stock of the Choctaw Coal & Mining Company, said shares being of the par value of $100 each. That this company was engaged in the mining of coal in the Indian Territory and had expended large sums of money for machinery, tools, equipments, etc., in the prosecution of its operation. That the policy of the Missouri Pacific Railway Company, which then owned and operated a railroad extending from .the city of Hannibal in…
2Cases cited7 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Norris v. HagginSupreme Court of the United States · 1890
- Kline v. VogelSupreme Court of Missouri · 1886
- Slattery v. St. Louis & New Orleans Transportation Co.Supreme Court of Missouri · 1886
- Hannerty v. Standard Theater Co.Supreme Court of Missouri · 1891
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Caldwell v. EubanksSupreme Court of Missouri · 1930
- In re Swofford Bros. Dry Goods Co.District Court, W.D. Missouri · 1910
- Murphy v. City of GreensboroSupreme Court of North Carolina · 1925
- Monmouth College v. DockerySupreme Court of Missouri · 1912
- Ready v. SmithSupreme Court of Missouri · 1902
8 more not listed; retrieve them via the Exa API.