Moses v. St. Paul
Supreme Court of Alabama
Bid in Equity to Compel Transfer of Stock, and for an Accounts Appeal from Mobile Chancery Court. Heard before-Hon. H. Austill.
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Bid in Equity to Compel Transfer of Stock, and for an Accounts Appeal from Mobile Chancery Court. Heard before-Hon. H. Austill. The Tuscaloosa Scientific and Art Association, a corporation under the laws of Alabama, became indebted to Walsh, Smith & Co., for $53,992.30. To secure the payment of this sum, the association hypothecated 274 shares of its capital stock with Walsh', Smith & Co., by actual delivery, and agreed that 50 per cent, of the net earnings should be devoted to payment of its debt. On June 12th, 1874, Walsh, Smith & Co. were adjudicated bankrupts, and Barnwall and Gaynor were…
1Opinion of the CourtBrickell, C. J.
— A simple-contract creditor, without a lien it is the province of a court of equity to enforce, except in the particular cases for which the statutes provide, (within which the present case does not fall), cannot obtain the assistance of that court to compel the payment of his debt. The jurisdiction and remedies of courts of law are adequate, and there is no room for equitable intervention. The debt due from the Tuscaloosa Art and Scientific Asso*171eiation, or of the particular stockholders who may or not have made themselves answerable for it, to Walsh, Smith & Go., of which the appellant…
2Cases cited1 opinion
- Pike v. LowellSupreme Judicial Court of Maine · 1850
3Cited by9 opinions
- Hudson v. MooreSupreme Court of Alabama · 1940
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- Vandegrift v. LagroneSupreme Court of Alabama · 1985
- Tom Reed Gold Mines Co. v. United Eastern Mining Co.Arizona Supreme Court · 1932
- Chadwick v. CarsonSupreme Court of Alabama · 1884
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