Faircloth v. Farmers' Guano Co.
Supreme Court of Alabama
Appeal from Circuit Court, Henry County; H. A. Pearce, Judge. Bill by J. R. Haircloth against the Farmers’ Guano Company to dissolve the corporation and marshal its assets; also to enjoin the prosecution of garnishment writs issued by the Standard Chemical & Oil Company on judgments obtained against the Farmers’ Guano Company. From a decree sustaining .demurrers to the bill, complainant appeals.
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Appeal from Circuit Court, Henry County; H. A. Pearce, Judge. Bill by J. R. Haircloth against the Farmers’ Guano Company to dissolve the corporation and marshal its assets; also to enjoin the prosecution of garnishment writs issued by the Standard Chemical & Oil Company on judgments obtained against the Farmers’ Guano Company. From a decree sustaining .demurrers to the bill, complainant appeals. A stockholder may maintain a.bill like the present one. 187 Ala. 325, 65 South. 820. The assets are a trust fund for the benefit of the creditors. Section 3509, Code 1907. The bill was not subject to…
1Opinion of the CourtAnderson, C. J.
[1,2] This case has been before this court upon former appeal (Standard Chemical & Oil Co. v. Faircloth, 200 Ala. 657, 77 South. 31), and the present bill was there discussed, and the cause was reversed and remanded upon the grounds set forth in the opinion. The bill was subsequently amended so as to conform to certain suggestions in the opinion; that is, as to the insolvency of the corporation not only when the bill was filed, but when the garnishments were sued out by the respondent, the Standard Chemical & Gil Company, and notice of said Standard Company as to the insolvency of the…
2Cases cited3 opinions
- Randolph v. VailsSupreme Court of Alabama · 1912
- Norton v. RandolphSupreme Court of Alabama · 1912
- Standard Chemical & Oil Co. v. FairclothSupreme Court of Alabama · 1917
3Cited by3 opinions
- Leyden v. Calhoun Co-Op. Creamery Co.Supreme Court of Alabama · 1931
- First Nat. Bank of Birmingham v. HuddlestonSupreme Court of Alabama · 1942
- People's Auto Co. v. Manufacturers' Finance Acceptance Corp.Supreme Court of Alabama · 1933