Richter & Co. v. Light
Supreme Court of Connecticut
Action to recover moneys received by the defendant as dividends on shares of stock theretofore sold by him to the plaintiffs, brought to and reserved by the Court of Common Pleas in Hartford County, Dickenson, J., upon a demurrer to the complaint, for the advice of this court.
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Action to recover moneys received by the defendant as dividends on shares of stock theretofore sold by him to the plaintiffs, brought to and reserved by the Court of Common Pleas in Hartford County, Dickenson, J., upon a demurrer to the complaint, for the advice of this court. The complaint alleges that on October 21st, 1919, the directors of The Stanley Rule & Level Company, a corporation organized under a Special Act of the General Assembly of this State and located in New Britain, declared a dividend on its capital stock, to be paid on January 1st, 1920, to stockholders of record on…
1Opinion of the CourtBurpee, J.
The declaration of a dividend by the board of directors of a corporation severs from its assets a portion to be distributed among its stockholders in proportion to their respective holdings. Thereupon the share of each stockholder vests in him as an individual. Cogswell v. Second National Bank, 78 Conn. 75, 81, 60 Atl. 1095, 204 U. S. 1, 27 Sup. Ct. 241. It makes no difference when the assets were accumulated. Phelps v. Farmers & Mechanics Bank, 26 Conn. 269; Beers v. Bridgeport Spring Co., 42 Conn. 17; 5 Thompson on Corporations (2d Ed.) 127, 128; 14 Corpus Juris, 818. Unless otherwise…
2Cases cited9 opinions
- Spooner v. PhillipsSupreme Court of Connecticut · 1892
- Cogswell v. Second National BankSupreme Court of Connecticut · 1905
- Thresher v. Stonington Savings BankSupreme Court of Connecticut · 1896
- Wheeler Beers v. Bridgeport Spring Co.Supreme Court of Connecticut · 1875
- Jerome v. CogswellSupreme Court of the United States · 1907
4 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Estate of Putnam v. CommissionerSupreme Court of the United States · 1945
- Stuart v. SargentMassachusetts Supreme Judicial Court · 1933
- Nutter v. AndrewsMassachusetts Supreme Judicial Court · 1923
- Helvering v. McGlue's EstateCourt of Appeals for the Fourth Circuit · 1941
- Union & New Haven Trust Co. v. WatrousSupreme Court of Connecticut · 1929
18 more not listed; retrieve them via the Exa API.