Gillett v. Chicago Title & Trust Co.
Illinois Supreme Court
Appeal from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. M. F. TulEy, Judge, presiding.
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Appeal from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. M. F. TulEy, Judge, presiding. With this case have been consolidated in this court cases bearing titles and general numbers as follows, to-wit: No. 5339, Weaver v. Chicago Title and Trust Co., Receiver of Columbian Celebration Co. et al.; 5370, Weaver v. Same; 5383, Stuart v. Same; 5384, Bodman v. Same; 5385, Brewster v. Same; 5386, DeCamp v. Same; 5387, Hinkley et al. v. Same; 5388, Lobdell v. Same; 5389, Maxwell v. Same; 5390, Merchants’ Loan and Trust Co.…
1Opinion of the CourtJustice Scott
First—It is contended by appellants that in accepting certain property'in payment of MacICaye’s subscription to ■the capital stock of the Columbian Celebration Company to the amount of $1,999,600, the directors fixed that value up-1 on the property offered in the fair and honest exercise of their judgment as to its worth, and that the stock must therefore be regarded as fully paid and non-assessable, even •if the directors erred in their judgment as to its value.
When the board of directors met on May 16, 1892, the principal asset of the corporation was MacKaye’s subscription for stock to .the…
2Cases cited12 opinions
- Chester Glass Co. v. DeweyMassachusetts Supreme Judicial Court · 1819
- Ohio Valley National Bank v. HulittSupreme Court of the United States · 1907
- People v. . American Loan Trust Co.New York Court of Appeals · 1902
- Spear v. CrawfordNew York Supreme Court · 1835
- Coleman v. HoweIllinois Supreme Court · 1895
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- John W. Cooney Co. v. Arlington Hotel Co.Court of Chancery of Delaware · 1917
- Thomsen v. CullenWisconsin Supreme Court · 1928
- Kirkup v. Anaconda Amusement Co.Montana Supreme Court · 1921
- Nickey Bros. v. Lonsdale Mfg. Co.Tennessee Supreme Court · 1923
- Webster v. Webster Refining Co. of OkmulgeeSupreme Court of Oklahoma · 1912
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