International Paper Co. v. Gazette Co.
Massachusetts Supreme Judicial Court
Bill in equity, filed November 8, 1901, to hold the defendant Chase, the president and a director of the defendant Gazette Company, liable for the debts of that corporation, under Pub. Sts. c. 106, § 60, on the ground that he signed a certificate required by law knowing it to be false.
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Bill in equity, filed November 8, 1901, to hold the defendant Chase, the president and a director of the defendant Gazette Company, liable for the debts of that corporation, under Pub. Sts. c. 106, § 60, on the ground that he signed a certificate required by law knowing it to be false. The case came on to be heard before Lathrop, J., who at the request of the parties reserved it upon the pleadings and an agreed statement of facts for the consideration of the full court, such decree to be entered as equity and justice might require. The agreed facts were as follows: In 1896 the defendant Chase…
1Opinion of the CourtHammond, J.
Upon the facts agreed there can be no reasonable doubt that the only ultimate object of the various steps taken was to change the Maine corporation to a Massachusetts corporation, with its capital stock reduced one fifth. There was no actual sale of anything because the sellers were in substance the buyers; nor was there any change in the assets or liabilities. At the end of the transaction each stockholder had the same relative interest in the property as before. All this was intended from the first, and each step, including the opening of the account in the bank to the credit of the…
2Cases cited1 opinion
- Felker v. Standard Yarn Co.Massachusetts Supreme Judicial Court · 1889
3Cited by4 opinions
- Harvey-Watts Co. v. Worcester Umbrella Co.Massachusetts Supreme Judicial Court · 1906
- E. S. Parks Shellac Co. v. HarrisMassachusetts Supreme Judicial Court · 1921
- Berkshire Coal & Grain Co. v. WingMassachusetts Supreme Judicial Court · 1927
- Stratton v. AndersonMichigan Supreme Court · 1936