Loughlin v. United States School Furniture Co.
Appellate Court of Illinois
Creditors’ bill praying for a receiver. Appeal from the Superior Court of Cook County; the Hon. Jesse Holdom, Judge, presiding,
1Opinion of the Court
Mr. Presiding Justice Ball
delivered the opinion of the court.
If the officers or stockholders of a corporation form another corporation and transfer the good will, business and assets of the old corporation to the new without paying the just debts of the old corporation, equity will follow such property into the new corporation and subject it to the payment of such debts the same as though no transfer had been made. And if any individual participating in such transfer has profited thereby, he will be held accountable to the extent of that profit. 5 Thompson on Corpn’s, ch. 148; Cook on…
2Cases cited10 opinions
- Hibernia Ins. v. St. Louis & New Orleans Transp. Co.U.S. Circuit Court for the District of Eastern Missouri · 1882
- Chicago, Milwaukee & St. Paul Railway Co. v. Third National Bank of ChicagoSupreme Court of the United States · 1890
- American Loan & Trust Co. v. Minnesota & Northwestern RailroadIllinois Supreme Court · 1895
- Vance v. McNabb Coal, Etc., Co.Tennessee Supreme Court · 1892
- Brum v. Merchants' Mutual Ins.U.S. Circuit Court for the District of Eastern Louisiana · 1883
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3Cited by6 opinions
- People Ex Rel. Donahue v. Perkins & Will Architects, Inc.Appellate Court of Illinois · 1980
- Bernard Bros., Inc. v. DeiblerAppellate Court of Illinois · 1951
- Pittsmont Copper Co. v. O'RourkeMontana Supreme Court · 1914
- Morris v. Interstate Iron & Steel Co.Appellate Court of Illinois · 1930
- Rosenthal v. Board of EducationAppellate Court of Illinois · 1908
1 more not listed; retrieve them via the Exa API.