Phillips v. Pine Bluff, Sheridan & Southern Railway Co.
Supreme Court of Arkansas
Appeal from Grant Chancery Court; J. P. Henderson, Chancellor; 1. Appellants have real claims which have been allowed and no exceptions filed thereto; they are real creditors of the road and McIntyre and McIntyre & Son who are owners of all the outstanding notes and bonds except those held by Mrs. Garanflo and Gallivan and Phillips are not creditors and ought not to be. allowed to participate in assets of the road until the real creditors of the road are paid in full, and…
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Appeal from Grant Chancery Court; J. P. Henderson, Chancellor; 1. Appellants have real claims which have been allowed and no exceptions filed thereto; they are real creditors of the road and McIntyre and McIntyre & Son who are owners of all the outstanding notes and bonds except those held by Mrs. Garanflo and Gallivan and Phillips are not creditors and ought not to be. allowed to participate in assets of the road until the real creditors of the road are paid in full, and then they will be entitled to distribution of the remaining assets, not as creditors but as stockholders or owners.…
1Opinion of the CourtMcCULLOCH, C. J.
The Pine Bluff, Sheridan & Southern Railway Company was duly incorporated under the laws of this State on July 10, 1912, for the purpose of constructing and operating a railroad aboutfifteen miles in length, situated wholly in Grant County. The authorized capital stock of the corporation was $150,000, of which $30,100 was subscribed and five per centum was paid on the subscriptions. Of the stock actually subscribed 233 shares thereof were issued to Murray Phillips, one of the appellants, 50 shares to E. S. McCarty, 10 shares to R. D. Duncan, and one share each to certain citizens and…
2Cases cited2 opinions
- American Alkali Co. v. KurtzU.S. Circuit Court for the District of Eastern Pennsylvania · 1905
- England v. Commercial Bank of New MadridCourt of Appeals for the Eighth Circuit · 1917