Central Land Co. v. Sullivan
Supreme Court of Alabama
Bill to Wind Up Corporation. Appeal from Birmingham City Court. Heard before Hon. C. W. Ferguson. Bill by C. B. Sullivan, trustee, against Central Land Company of Birmingham and others. From a decree overruling demurrers to the bill and a motion to dismiss, defendants appeal. This bill is exhibited by G. B. Sullivan, as trustee under a deed of assignment made by M. Tabler, against the Central Land Company of Birmingham, a corporation, and the stockholders thereof.
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Bill to Wind Up Corporation. Appeal from Birmingham City Court. Heard before Hon. C. W. Ferguson. Bill by C. B. Sullivan, trustee, against Central Land Company of Birmingham and others. From a decree overruling demurrers to the bill and a motion to dismiss, defendants appeal. This bill is exhibited by G. B. Sullivan, as trustee under a deed of assignment made by M. Tabler, against the Central Land Company of Birmingham, a corporation, and the stockholders thereof. Tabler owned 12 shares of the stock of said corporation, which shares are conveyed in the deed of assignment made for the benefit…
1Opinion of the CourtDenson, J.
In Noble v. Gadsden Land & Improvement Co., 133 Ala. 250, 31 South. 856, 91 Am. St. Rep. 27, it is held that where a private business corporation, *365though solvent, in that it owes no debts, is a failure, and the purposes for which it was organized are impossible of attainment, and its assets are being gradually sacrificed in the payment of taxes and expenses, the minority stockholders of such corporation can maintain a bill in equity to have the corporate assets sold and the proceeds thereof distributed among the stockholders. The only difference between that case and the one in hand is that…
2Cases cited4 opinions
- Noble v. Gadsden Land & Improvement Co.Supreme Court of Alabama · 1901
- Ross v. American Banana Co.Supreme Court of Alabama · 1907
- Ulmer v. Maine Real Estate Co.Supreme Judicial Court of Maine · 1899
- Pine v. Mayor of New YorkU.S. Circuit Court for the District of Southern New York · 1900
3Cited by11 opinions
- Tampa Water Works Co. v. WoodsSupreme Court of Florida · 1929
- Phinizy v. Anniston City Land Co.Supreme Court of Alabama · 1916
- Fisher v. Bankers' Fire Marine Ins. Co.Supreme Court of Alabama · 1934
- Minona Portland Cement Co. v. ReeseSupreme Court of Alabama · 1910
- Hall v. City Park Brewing Co.Supreme Court of Pennsylvania · 1928
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