Buell v. Buckingham & Co.
Supreme Court of Iowa
Appeal from Clinton District Court. In March, 1860, the defendants recovered judgment against the Lyons Steam Mill Manufacturing Company, a corporation under the laws of Iowa, for $565 and costs, upon which execution was issued, and was levied on the manufacturing establishment, it being described as the south half of block eight in range two of Buell’s addition to Lyons, and appurtenances; and the same was advertised for sale.
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Appeal from Clinton District Court. In March, 1860, the defendants recovered judgment against the Lyons Steam Mill Manufacturing Company, a corporation under the laws of Iowa, for $565 and costs, upon which execution was issued, and was levied on the manufacturing establishment, it being described as the south half of block eight in range two of Buell’s addition to Lyons, and appurtenances; and the same was advertised for sale. On the 27th of February, 1858, at a meeting of the board of directors of the corporation, at which Elijah Buell, president, and Bobert Buell and Bobert Spear,…
1Opinion of the CourtCole, J.
L There is no showing of any actual fraud on the part of Elijah Buell, in his purchase of the property from the board of directors. His position, as one of the board, was that of a trustee or guardian of the rights and interests of the stockholders in the corporation, and his purchase, while occupying that relation, cannot be regarded in a more unfavorable light than, a purchase by a trustee, of the property of his cestui que trust. The rule is well settled, that a purchase of property by a trustee, of his cestui que trust, is not void in equity, but only voidable at the election of the…
2Cases cited19 opinions
- Robinson v. SmithNew York Court of Chancery · 1831
- Seth v. CramerCourt for the Trial of Impeachments and Correction of Errors · 1825
- Slee v. BloomNew York Supreme Court · 1822
- McCullough v. MossCourt for the Trial of Impeachments and Correction of Errors · 1846
- City of St. Louis v. AlexanderSupreme Court of Missouri · 1856
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3Cited by93 opinions
- Newcomb v. BrooksWest Virginia Supreme Court · 1879
- Rushville Gas Co. v. City of RushvilleIndiana Supreme Court · 1889
- Wyman v. BowmanCourt of Appeals for the Eighth Circuit · 1904
- Heiskell v. Mayor & City CouncilCourt of Appeals of Maryland · 1886
- Garrett v. Burlington Plow Co.Supreme Court of Iowa · 1886
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