Briggs v. Penniman
Court for the Trial of Impeachments and Correction of Errors
Osr appeal from the court of chancery. On the 7th of July, 1819, the respondents filed their bill against the appellants, stating that in 1812, divers persons formed themselves into an incorporation, under the statute of March 22d, 1811, (sess. 34, ch. 67,) called The Cambridge Farmers’ Woolen Manufactory. That they ^commenced operations, and became indebted to the respondents. That in January, 1818, all the real and personal property of the company was sold on execution.
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Osr appeal from the court of chancery. On the 7th of July, 1819, the respondents filed their bill against the appellants, stating that in 1812, divers persons formed themselves into an incorporation, under the statute of March 22d, 1811, (sess. 34, ch. 67,) called The Cambridge Farmers’ Woolen Manufactory. That they ^commenced operations, and became indebted to the respondents. That in January, 1818, all the real and personal property of the company was sold on execution. That the corporation was dissolved on the 1st of November, 1818, having expended all its estate, become bankrupt, and…
1Opinion of the CourtWoodworth, J.
It does not appear "that any act has been done by the company since their election of trustees in July, 1818; and the first question is, whether -the corporation "is dissolved, as regards creditors.
The doctrine -laid down in Slee v. Bloom, (19 John. 456,) decides this point. If ,a corporation .suffer acts to be done which destroy the .end ;and object for which-it was instituted, it .is equivalent >-to ;a.surrender -of its rights. It cannot be doubted that.a corporation may be dissolved by such a surrender. This is a .stronger case; for here the trustees do not possess the power to resuscitate…
2Cases cited4 opinions
- Slee v. BloomNew York Supreme Court · 1822
- Simson v. HartCourt for the Trial of Impeachments and Correction of Errors · 1816
- Mickles v. Rochester City BankNew York Court of Chancery · 1844
- State v. Real Estate BankSupreme Court of Arkansas · 1844
3Cited by66 opinions
- Sanger v. UptonSupreme Court of the United States · 1875
- United States Tr. Co. of New York v. . U.S. Fire Ins. Co.New York Court of Appeals · 1858
- Garrison v. . HoweNew York Court of Appeals · 1858
- Lyons-Thomas Hardware Co. v. Perry Stove Manufacturing Co.Texas Supreme Court · 1893
- Toledo, St. L. & K. C. R. v. Continental Trust Co.Court of Appeals for the Sixth Circuit · 1899
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