Hannerty v. Standard Theater Co.
Supreme Court of Missouri
Appeal from St. Louis City Circuit Court. — Hon. L; B* Valliant, Judge. (1) It is well settled that all advantages, all purchases and all sums of money received by directors in dealing with the property of a corporation belong to it, and the directors must account for the same.
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Appeal from St. Louis City Circuit Court. — Hon. L; B* Valliant, Judge. (1) It is well settled that all advantages, all purchases and all sums of money received by directors in dealing with the property of a corporation belong to it, and the directors must account for the same. Perry on Trusts, sec. 207. (2) “An agent and trustee cannot unite in himself the opposite ■ character of buyer and seller, and if he does so the profits made by him may be charged with a trust for the benefit of the principal. ” Bent v. Priest, 86 Mo. 475. (3) The directors' of a corporation are liable in equity for…
1Opinion of the CourtBlack, J.
The plaintiff is a shareholder in the Standard Theater Company, and the defendants are James Butler, Edward Butler, Jr., and Edward Sullivan, directors, and Edward Butler, Sr. The corporation is also a defendant. The petition, in general terms, prays for a decree reinstating .a forfeited lease; that Edward Butler, Sr., be required to convey the fee *301in the leased property to the corporation; for an accounting, and the appointment of a receiver, etc. .
The Standard Theater Company was incorporated on the twelfth day of May, 1883, with a capital stock of $30,000 which stock was increased to…
2Cases cited4 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Ashton v. Dashaway Ass'nCalifornia Supreme Court · 1890
- Slattery v. St. Louis & New Orleans Transportation Co.Supreme Court of Missouri · 1886
- Smith v. PoorSupreme Judicial Court of Maine · 1885
3Cited by18 opinions
- Irving Trust Co. v. DeutschCourt of Appeals for the Second Circuit · 1934
- Durfee v. Durfee & Canning, Inc.Massachusetts Supreme Judicial Court · 1948
- McCourt v. Singers-BiggerCourt of Appeals for the Eighth Circuit · 1906
- Caldwell v. EubanksSupreme Court of Missouri · 1930
- In re Swofford Bros. Dry Goods Co.District Court, W.D. Missouri · 1910
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