Forbes v. Whittemore
Supreme Court of Arkansas
Appeal from Miller Circuit Court. Rufus D. Hearn, Judge. 1. The notes sued on were a debt of the corporation at the time defendants took charge under their contract. Defendants constituted the board of trustees of the college after the execution of the contract, and sec. 1395, Sand. & H. Dig., converts the incorporators into a board of trustees.
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Appeal from Miller Circuit Court. Rufus D. Hearn, Judge. 1. The notes sued on were a debt of the corporation at the time defendants took charge under their contract. Defendants constituted the board of trustees of the college after the execution of the contract, and sec. 1395, Sand. & H. Dig., converts the incorporators into a board of trustees. The contract transfers to them and “their successors” all'the rights, franchises, etc., of the college, and was a transfer of the corporate power and franchise. The attorney for plaintiff was notified that the individuals were not personally bound,…
1Opinion of the CourtBattle, J.
The Southwestern Arkansas College was a corporation engaged in maintaining a school in Miller county, in this state, and was the owner of property, consisting of land, a brick building, subscriptions, and furniture. On the second day of August, 1890, W. A. Forbes and others, styling themselves “trustees,” entered into a contract with it in the words and figures following, to-wit:
“Whereas, the board of directors of the Southwestern Arkansas College' have this day transferred to W. A. Forbes, W. H. Tilson, John Hallum, H. W. Stevens, John C. Watts, H. H. Echols, B. R. Attaway, John Winham, J.…
2Cases cited5 opinions
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- Garnett v. RichardsonSupreme Court of Arkansas · 1879
- Fuller v. . RoweNew York Court of Appeals · 1874
- Pettis v. AtkinsIllinois Supreme Court · 1871
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