Woerheide v. Johnston
Missouri Court of Appeals
Appeal from S'fc. Louis County Circuit Court. — Eon. Rudolph Eirzel, Judge. (1) A board of directors of an insolvent corporation has not only tbe right to make an assignment for the benefit of its creditors, bu't it is their duty to do so, and such assignment can be made by the board of directors not only without the consent of its stockholders, but it may be made against their expressed wish.
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Appeal from S'fc. Louis County Circuit Court. — Eon. Rudolph Eirzel, Judge. (1) A board of directors of an insolvent corporation has not only tbe right to make an assignment for the benefit of its creditors, bu't it is their duty to do so, and such assignment can be made by the board of directors not only without the consent of its stockholders, but it may be made against their expressed wish. Chew et al. v. Ellingwood, 86 Mo. 273; Descombes v. Wood, 91 Mo. 196; Elutchinson v. Green, 91 Mo. 375; Poster v. Mullanphy Planing Mill"Co., 92 Mo. 80. (2) The mortgage in question was assignable.…
1Opinion of the CourtBiggs, J.
The Western Union Building and Loan Association No. 2, was organized on the 'twenty-sixth day of June, 1890, under the laws of the State of Missouri. It continued to do business until January 8, 1894, when it became insolvent and made an assignment of its assets to the' plaintiff for the benefit of its creditors. At the time of the assignment it owed third parties for borrowed money over $32,000, which debts were duly allowed by the assignee. It also appears by the averments in plaintiff’s bill and by the undisputed evidence, that the entire available assets of 'the association will be…
2Cases cited8 opinions
- Baile v. St. Joseph Fire & Marine InsuranceSupreme Court of Missouri · 1881
- Brown v. Lasalle ArcherMissouri Court of Appeals · 1895
- Hohenshell v. Home Savings & Loan Ass'nSupreme Court of Missouri · 1897
- Post v. Building & Loan Ass'nTennessee Supreme Court · 1896
- Jackson v. MyersCourt of Appeals of Maryland · 1876
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3Cited by4 opinions
- Gary v. VerityMissouri Court of Appeals · 1903
- Layton v. HoughMissouri Court of Appeals · 1912
- Hough v. MaupinSupreme Court of Arkansas · 1905
- Beale v. Connecticut Fire Ins.Court of Appeals for the Eighth Circuit · 1903