Cope v. Westbay
Supreme Court of Missouri
Appeal from Jasper Circuit Court. — No». Hugh Dabbs, Judge. (1) Tbe assets of tbe bank bad all been sold by tbe assignee and it bad no property with wbicb to employ attorneys or to even pay a filing fee. A court of equity never permits a wrong to go unredressed, merely for the sake of form.
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Appeal from Jasper Circuit Court. — No». Hugh Dabbs, Judge. (1) Tbe assets of tbe bank bad all been sold by tbe assignee and it bad no property with wbicb to employ attorneys or to even pay a filing fee. A court of equity never permits a wrong to go unredressed, merely for the sake of form. Wherever a cause of action exists primarily in behalf of the corporation, against directors or officers for wrongful dealing with corporate property, and the corporation either actually or virtually refuses to institute, or prosecute, such a suit, then, in order to prevent a failure of justice, an action…
1Opinion of the CourtBeace, P. J.
This is a suit in equity, by a stockholder, against the president and cashier of the Bank of M'onett, in which, upon the hearing, the plaintiff’s bill was dismissed and he appeals.
*642It appears from the evidence that on the 12th day of March, 1888, the Bank of Monett was duly incor-porated and organized in the city of Monett in Barry county, with a capital stock of $25,000 fully paid up, divided into 250 shares of the face value of $100 each, of which James P. Westbay was the owner'of 166 shares, Harry H. Westbay, 4 shares, B. P. Hobart, 76 shares, E. B. Loveland, 2 shares, and A. M. Longwell, 2…
2Cases cited2 opinions
- Commercial Bank of Albany v. . Ten EyckNew York Court of Appeals · 1872
- Bank of Monett v. StoneMissouri Court of Appeals · 1902
3Cited by1 opinion
- Citizens Trust Co. v. FergusonMissouri Court of Appeals · 1916