McInnis v. Wiscassett Mills
Mississippi Supreme Court
. From the chancery court, second district, of Perry county. Hon. Nathan C. Hill, Chancellor. The appellant, McInnis, was the complainant in the court below, and the appellees, Wiscassett Mills and others, were defendants there. The court below denied the complainant all relief, dismissing his bill, and he appealed to the supreme court.
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. From the chancery court, second district, of Perry county. Hon. Nathan C. Hill, Chancellor. The appellant, McInnis, was the complainant in the court below, and the appellees, Wiscassett Mills and others, were defendants there. The court below denied the complainant all relief, dismissing his bill, and he appealed to the supreme court. The facts are stated in the opinion of the court. • The assets of a corporation are a trust fund for creditors, and they must be paid before the stockholders can dispose of the assets for their own benefit. 2 Thompson, secs. 1509, 1573, 1575, 1576; Love Mfg.…
1Opinion of the Court
Alexander, Special J.,
delivered the opinion of the court.
By the agreement of March 27, 1894, the Meridian Sash & Blind Factory, the owner of practically all the stock of the Wiscassett Mills, obligated itself to transfer and deliver-to certain persons, who afterwards became incorporated into the J. J. Newman Lumber Co., all of said stock. The delivery was to take place October 1, 1894, and the -price therefor, to wit, $40,000, was to be then paid, partly in cash and partly in notes, the last of which was to be matured April 1, 1896. In the agreement, the sash and blind factory also undertook…
2Cases cited4 opinions
- Memphis & Charleston Railroad v. NeighborsMississippi Supreme Court · 1875
- Peeler v. PeelerMississippi Supreme Court · 1890
- Watts v. PattonMississippi Supreme Court · 1888
- Richardson v. DavisMississippi Supreme Court · 1892
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