Slattery v. St. Louis & New Orleans Transportation Co.
Supreme Court of Missouri
Appeal from St. Louis City Circuit Court. — Hon. A. M. Thayer, Judge. (1) It is a favorite doctrine of the American courts that the property of a corporation is to be deemed a trust fund for the payment of the debts of the corporation, so that the creditors have a lien on it in preference to any of the stockholders of the corporation. Thomp. Stock., sec. 10 and cit.
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Appeal from St. Louis City Circuit Court. — Hon. A. M. Thayer, Judge. (1) It is a favorite doctrine of the American courts that the property of a corporation is to be deemed a trust fund for the payment of the debts of the corporation, so that the creditors have a lien on it in preference to any of the stockholders of the corporation. Thomp. Stock., sec. 10 and cit. And a creditor may follow this trust fund into the hands of every one, except a bona fide purchaser for value, and fastening a trust upon it may subject it to the payment of the corporation debts. Wood v. Bummer, 3 Mason’s Cir.…
1Opinion of the CourtBlack, J.
This case is here from a judgment sustaining- separate demurrers to the petition. The defendants are the St. Louis, New Orleans & Foreign Dispatch Company; the St. Louis and New Orleans Transportation Company, known as the Transportation Company, and the St. Louis & Mississippi Valley Transportation Company. The plaintiffs are three of the shareholders in the Dispatch Company, and they own three hundred and thirty of the one thousand shares of stock. The Dispatch Company was organized for the purpose of soliciting freight and making contracts for the transportation of the same by means and…
2Cases cited5 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Robinson v. SmithNew York Court of Chancery · 1831
- Brewer v. Proprietors of the Boston TheatreMassachusetts Supreme Judicial Court · 1870
- Detroit v. DeanSupreme Court of the United States · 1883
- Pond v. Vermont Val. R.U.S. Circuit Court for the District of Vermont · 1874
3Cited by20 opinions
- Caldwell v. EubanksSupreme Court of Missouri · 1930
- Fitzgerald ex rel. Stockholders of the Fitzgerald & Mallory Construction Co. v. Fitzgerald & Mallory Construction Co.Nebraska Supreme Court · 1895
- Rogers v. Nashville, C. & St. L. Ry. Co.Court of Appeals for the Sixth Circuit · 1898
- Union National Bank v. HillSupreme Court of Missouri · 1899
- Graham v. Dubuque Specialty Machine WorksSupreme Court of Iowa · 1908
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