Chadwick v. Holm
Idaho Supreme Court
APPEAL from the District Court of the Sixth Judicial District, for Bingham County. Hon. F. J. Cowen, Judge. Action for damages. Judgment for plaintiffs. Mismanagement by directors gives a right of action to the corporation, or its receiver or a stockholder for its benefit, but not to a stockholder for damages to him individually. (McMullen v. Ritchie, 64 Fed. 253; Smith v. Hurd, 12 Met. (Mass.) 371, 46 Am.
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APPEAL from the District Court of the Sixth Judicial District, for Bingham County. Hon. F. J. Cowen, Judge. Action for damages. Judgment for plaintiffs. Mismanagement by directors gives a right of action to the corporation, or its receiver or a stockholder for its benefit, but not to a stockholder for damages to him individually. (McMullen v. Ritchie, 64 Fed. 253; Smith v. Hurd, 12 Met. (Mass.) 371, 46 Am. Dec. 690.) An action by individual stockholders against directors of a corporation for various acts of negligence and malfeasance, by which the capital of the corporation was wasted and…
1Opinion of the CourtMorgan, J.
On November 4, 1907, the directors of the Snake River • Canal Company passed a resolution that a meeting of the stockholders be called and a transfer of the system of the canal company to the Snake River Valley Irrigation District be recommended, each stockholder to receive his proportion of the bonds of the district to be given in payment for the system. On November 16, 1907, the stockholders’ meeting was held and the recommendation of the board of directors was adopted. On December 14, 1907, the directors again met and decided to convey the system of the canal company to the district for…
Also in this document: Concurrence.
2Cases cited4 opinions
- Marshall v. F. & M. Savings BankSupreme Court of Virginia · 1889
- In re Wilson's EstateOregon Supreme Court · 1917
- Fletcher v. EagleSupreme Court of Arkansas · 1905
- Western Warehouse Co. v. New Amsterdam Casualty Co.Oregon Supreme Court · 1917
3Cited by2 opinions
- Esposito v. Noyes (In Re Lake Country Investments, Ltd. Liability Co.)United States Bankruptcy Court, D. Idaho · 2000
- Nelson v. JonesIdaho Supreme Court · 1924