New Jersey Car Spring & Rubber Co. v. Fields
Supreme Court of New Jersey
On appeal from the Supreme Court. John J. Fields, the decedent; at- one time owned three thousand nine hundred and eighty-five shares out of four thousand of the stock of the plaintiff corporation. The other fifteen shares also really belonged to him, but stood in the name of other directors of the company.
Read the full summary
On appeal from the Supreme Court. John J. Fields, the decedent; at- one time owned three thousand nine hundred and eighty-five shares out of four thousand of the stock of the plaintiff corporation. The other fifteen shares also really belonged to him, but stood in the name of other directors of the company. On December 29th, 1900, he transferred five hundred shares to his son John J. Fields, Jr.; on July 15th, 1901, he transferred five hundred more; and on July 15th, 1902, one thousand nine hundred and eighty-five shares more. The same dajr he transferred one thousand shares to his grandson,…
1Opinion of the Court
The opinion oí the court was delivered by
Swayze, J.
This action is to recover money paid the decedent, upon the theory that the contract of July 15th, 1902, was void since the decedent as director was contracting with himself. Gardner v. Butler, 3 Stew. Eq. 702, is relied on.
The case, however, differs from Gardner v. Butler in several respects — first, the contract was assented to by all the stockholders who were also all the directors; second, the payments ■were continued for more than six years after the elder Fields' had ceased to be a director or stockholder; third, the plaintiff…
2Cases cited1 opinion
- Breslin v. Fries-Breslin Co.Supreme Court of New Jersey · 1904
3Cited by5 opinions
- Continental Bank v. Barclay Riding Academy, Inc.Supreme Court of New Jersey · 1983
- Roxbury State Bank v. the ClarendonNew Jersey Superior Court Appellate Division · 1974
- Monte Glove Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Morrison v. Gulf Oil Corp.Mississippi Supreme Court · 1940
- Homestake Oil Co. v. RiglerCourt of Appeals for the Ninth Circuit · 1930