Hancock v. Holbrook
Supreme Court of Louisiana
APPEAL from the Civil District Court for the Parish of Orleans -T Tissot, J. 1. The directors of a body corporate are trustees, and the stockholders are the cestui que trust, and have a joint interest in all the property and effects of the corporation.
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APPEAL from the Civil District Court for the Parish of Orleans -T Tissot, J. 1. The directors of a body corporate are trustees, and the stockholders are the cestui que trust, and have a joint interest in all the property and effects of the corporation. Jackson vs. Ludeling, 21 Wall. 616; Koehler vs. Iron Co., 2 Black, 715; Drury vs. Cross, 7 Wall. 299; Cochran vs. Ocean Dry Dock Co., 30 Ann. 1366; l Pony on Trusts, Sec-207, 'Note 5; Angel & Ames on Corp., Seo. 312; 3 Pomeroy Eq. Jurisp., See. 1088. 2. Trustees are* incapable of purchasing the trust property themselves or of deriving any…
1Opinion of the Court
The opinion of the Court was delivered by
Fenner, J.
In 1878 there existed in this city a newspaper association known as the New Orleans Herald Company, the parties mainly interested in which were H. C. Warmoth, Edward C. Hancock and Alexander Walker. They had been, for a short time, publishing an evening paper called the New Orleans Herald,which w'as not pecuniarily profitable, and, according to onr appreciation of the weight of evidence, the company was insolvent.
The New Orleans Picayune newspaper, which in 1872 had been purchased by an association of citizens who had organized themselves…
2Cases cited4 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Daquin v. CoironSupreme Court of Louisiana · 1832
- Howe v. FrazerSupreme Court of Louisiana · 1842
- Baldwin v. ThompsonSupreme Court of Louisiana · 1834
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- Hibernia Bank & Trust Co. v. Succession of CancienneSupreme Court of Louisiana · 1917
- W. F. Taylor Co. v. Gulf Land & Lumber Co.Supreme Court of Louisiana · 1907
- J. I. Kelley Co. v. Pollock & BernheimerSupreme Court of Florida · 1909
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