Lobaco Co. v. Chaffin

Opinion of the Court by

Judge Clay

Affirming.

B. J. Chaffin, a former stockholder in The Lobaeo Company, brought suit against the company to recover certain dividends which were declared while he was the owner of the stock. From a verdict and judgment in his favor the company appeals.

On January 6,1919, Chaffin was the owner of a number of shares of stock in The Lobaeo Company, of the par value of $7,325.00. On that day the board of directors declared a ten per cent dividend, payable March 1, 1919. At a meeting of the board of directors held on March 29, 1919, payment of the dividend was deferred…