Fountain Spring Park Co. v. Roberts
Wisconsin Supreme Court
Appeal from an order of the circuit court for Milwaukee county: D. H. Johnson, Circuit Judge. The complaint in this action, after appropriate formal allegations, sets forth, in effect, that about April or May, 1891, defendants Carrick and Willis formed a plan to promote the organization of plaintiff corporation, for the ostensible purpose of purchasing a certain tract of land and selling the same at a profit, but in fact for the purpose of defrauding such persons as might…
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Appeal from an order of the circuit court for Milwaukee county: D. H. Johnson, Circuit Judge. The complaint in this action, after appropriate formal allegations, sets forth, in effect, that about April or May, 1891, defendants Carrick and Willis formed a plan to promote the organization of plaintiff corporation, for the ostensible purpose of purchasing a certain tract of land and selling the same at a profit, but in fact for the purpose of defrauding such persons as might become members of such corporation and such corporation; that one Weber owned aland contract between him and Wells &…
1Opinion of the CourtMaRshall, J.
The law is well settled that the promoters of a corporation occupy such relation to it that they cannot legally take any advantage over other members of such corporation, and that they are accountable to if for any profits which they may, by a violation of duty in this regard, receive. Chandler v. Bacon, 30 Fed. Rep. 538; Pittsburg M. *348Co. v. Spooner, 74 Wis. 307; Phosphate Sewage Co. v. Hartmont, 5 Ch. Div. 394; Emma S. M. Co. v. Grant, 11 Ch. Div. 918; Short v. Stevenson, 63 Pa. St. 95; Densmore Oil Co. v. Densmore, 64 Pa. St. 43; McElhenny's Appeal, 61 Pa. St. 188; 1 Morawetz, Priv. Corp. §…
2Cases cited2 opinions
- Yale Gas Stove Co. v. WilcoxSupreme Court of Connecticut · 1894
- Pittsburg Mining Co. v. SpoonerWisconsin Supreme Court · 1889
3Cited by22 opinions
- Harrigan v. GilchristWisconsin Supreme Court · 1904
- Dale v. Thomas H. Temple Co.Tennessee Supreme Court · 1948
- Zinc Carbonate Co. v. First National Bank of ShullsburgWisconsin Supreme Court · 1899
- Pietsch v. MilbrathWisconsin Supreme Court · 1905
- Franey v. WarnerWisconsin Supreme Court · 1897
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