Melvin v. Lamar Insurance
Illinois Supreme Court
Writ of Error to the Superior Court of Cook county; the Hon. T. D. Murphy, Judge, presiding. The bill of complaint, in this case, was exhibited on the 31st of July, 1873, by the complainants, as stockholders in the Lamar Insurance Company, of Chicago, on behalf of themselves and all others similarly situated, against the company, William H. W. Cushman, Isaac H. Hardin, and others.
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Writ of Error to the Superior Court of Cook county; the Hon. T. D. Murphy, Judge, presiding. The bill of complaint, in this case, was exhibited on the 31st of July, 1873, by the complainants, as stockholders in the Lamar Insurance Company, of Chicago, on behalf of themselves and all others similarly situated, against the company, William H. W. Cushman, Isaac H. Hardin, and others. It charges, in substance, that the officers of the company, and Cushman & Hardin, who were bankers in Chicago, were guilty of collusion and fraudulent conduct, prejudicial to the rights and interests of the other…
1Opinion of the CourtJustice Sheldon
We have no doubt that, under the written contract of September 17, 1869, which was introduced in evidence with all its indorsements, Cushman & Hardin were actual stockholders in the Lamar Insurance Company, in respect to the 5500 shares of stock which were the subject matter of the contract, and that they did not take the shares merely as collateral security for a loan of $110,000, in money and securities, as insisted upon in the defense, although the latter was the real transaction between the parties as intended by themselves.
The first clause of the contract, after the recitals, is an…
2Cases cited5 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
- Selma & Tennessee Rail Road v. TiptonSupreme Court of Alabama · 1843
- Nolan v. JacksonIllinois Supreme Court · 1855
- Blodgett v. MorrillSupreme Court of Vermont · 1848
- Downie v. WhiteWisconsin Supreme Court · 1860
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- Alling v. WenzelIllinois Supreme Court · 1890
- Union Mutual Life Insurance v. Frear Stone Manufacturing Co.Illinois Supreme Court · 1881
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