Lanier Lumber Co. v. Rees
Supreme Court of Alabama
Appeal from the Chancery Court of Talladega. Heard before the Hon. S. K. McSpadden. ■ The facts of the case are sufficiently stated in the opinion. 1. The lien of the complainant upon the stock belonging to its shareholders for any debt or liability incurred to it by a stockholder, is conferred by statute and clearly exists, irrespective of its by-laws. — Code of 1886, § 1674 ; Birmingham T. & S. Co.v. East Lake L. Go., 101 Ala. 304 ; Mobile Mut. Ins.
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Appeal from the Chancery Court of Talladega. Heard before the Hon. S. K. McSpadden. ■ The facts of the case are sufficiently stated in the opinion. 1. The lien of the complainant upon the stock belonging to its shareholders for any debt or liability incurred to it by a stockholder, is conferred by statute and clearly exists, irrespective of its by-laws. — Code of 1886, § 1674 ; Birmingham T. & S. Co.v. East Lake L. Go., 101 Ala. 304 ; Mobile Mut. Ins. Co. v. C-ullom, 49 Ala. 558 ; Plan. & Mer. Ins. Co. v. Selma Sav. Bank, 63 Ala. 585 ; Cook on Stocks & Stockholders, § 523. 2. The question of…
1Opinion of the CourtMcCLELLAN, J.
Robert Morrison, owning nine hundred of the one thousand shares of stock in, and being president of, the Morrison Lumber Company, subscribed in his own name and had issued to him individually three hundred and thirty-three shares, of the aggregate face value of $33,300, of the capital stock of the Lanier Lumber Company, and paid therefor with property belonging to the Morrison Lumber Company» These shares.it is averred, he held as trustee for said Morrison Lumber Company , and all alongr ecognized the beneficial ownership of said.company ; and before the filing of the present bill two hundred…
2Cases cited1 opinion
- Long v. Geo. Pacific Railway Co.Supreme Court of Alabama · 1890
3Cited by8 opinions
- First National Bank of Gadsden v. Winchester.Supreme Court of Alabama · 1898
- Southern Building & Loan Ass'n v. Casa Grande Stable Co.Supreme Court of Alabama · 1900
- Benson Lumber Co. v. ThorntonSupreme Court of Minnesota · 1932
- Ensley Mortgage & Loan Co. v. ChadwickSupreme Court of Alabama · 1931
- McAlester Manufacturing Co. v. Florence Cotton & Iron Co.Supreme Court of Alabama · 1900
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