Moss v. Harpeth Academy
Tennessee Supreme Court
EEOM WILLIAMSON. From the Chancery Court, October Term, 1871. W. S. Fleming, Ch. The bill is filed to subject the corporate property to payment of its debts, under Code, ss. 3431 and 4294. The justness of the indebtedness and the non-user of the corporate franchises are admitted. It is said that the corporation had no power under its charter to borrow money.
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EEOM WILLIAMSON. From the Chancery Court, October Term, 1871. W. S. Fleming, Ch. The bill is filed to subject the corporate property to payment of its debts, under Code, ss. 3431 and 4294. The justness of the indebtedness and the non-user of the corporate franchises are admitted. It is said that the corporation had no power under its charter to borrow money. The power, though not expressly granted, was implied as a “usual and proper means to accomplish the purposes of its charter.” Union Bank v. Jacobs, 6 Hum., 521. It is said that the creditors were to look for repayment only to the rents of…
1Opinion of the CourtFeeeman, J.
This bill is filed by complainants, creditors of Har-peth Academy, to enforce the collection of their debts by sale of certain lands or lots near the town of Franklin, on the ground that the said corporation had ceased for some eight or ten years to use its franchises and privileges; had kept up no school; had no election of directors o.r officers for that number of years; and was to all intents a “defunct corporation,” to use the language of the bill. The bill is claimed to be filed under s. 3431 of the Code.
A demurrer was filed, setting forth as its grounds that as the bill charged the…
2Cases cited5 opinions
- Bissell v. Michigan Southern & Northern Indiana Railroad CompaniesNew York Court of Appeals · 1860
- Ketchum v. . the City of Buffalo and AustinNew York Court of Appeals · 1856
- Mills v. GleasonWisconsin Supreme Court · 1860
- People ex rel. Taylor v. BrennanNew York Supreme Court · 1863
- State ex rel. Dean v. Common Council of MadisonWisconsin Supreme Court · 1859
3Cited by3 opinions
- Miller v. Board of CommissionersIndiana Supreme Court · 1879
- Green v. DyersburgU.S. Circuit Court for the District of Western Tennessee · 1879
- Millard v. St. Francis Xavier Female AcademyAppellate Court of Illinois · 1881