Chestnut Street Trust & Saving Fund Co. v. Record Publishing Co.
Supreme Court of Pennsylvania
Jan. T., 1909, by plaintiff, from order of C. P. No. 2, Phila. Co., March T., 1899, No. 170, sustaining exceptions to referee’s report in case of The Chestnut Street Trust & Saving Fund Company, to the use of Richard Y. Cook and George H. Earle, Jr., Assignees for the benefit of the creditors of The Chestnut Street Trust & Saving Fund Company, v. Record Publishing Company. Assumpsit on a promissory note. ■ The case was referred to Dimner Beeber, Esq., as referee.
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Jan. T., 1909, by plaintiff, from order of C. P. No. 2, Phila. Co., March T., 1899, No. 170, sustaining exceptions to referee’s report in case of The Chestnut Street Trust & Saving Fund Company, to the use of Richard Y. Cook and George H. Earle, Jr., Assignees for the benefit of the creditors of The Chestnut Street Trust & Saving Fund Company, v. Record Publishing Company. Assumpsit on a promissory note. ■ The case was referred to Dimner Beeber, Esq., as referee. The referee reported in favor of the plaintiffs for the full amount of the claim. Exceptions to report of the referee were…
1Opinion of the Court
Opinion by
Mr. Justice Moschizisker,
February 14, 1910:
Three questions are involved in this case: 1. Where from its inception, the stockholders and directors of a corporation completely abandon to the president the entire management and control over its affairs, is the corporation liable on its promissory note given by the president without any express authority from the board of directors, or subsequent ratification; where he uses the proceeds for his own purposes and the corporation derives no benefit therefrom; and where the note is given to one paying full value without any knowledge of a…
2Cases cited2 opinions
- Gunster v. Scranton Illuminating, Heat & Power Co.Supreme Court of Pennsylvania · 1897
- First National Bank v. Colonial Hotel Co.Supreme Court of Pennsylvania · 1910
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