Olcott v. Chandler
New York Marine Court
Appeal from judgment rendered by the court on a trial without a jury. The note in suit, for $3,000, was made by the defendant and delivered to the Brittenstene Silver Mining Company for 1,000 shares of the capital stock of said corporation, of the par value of $10 a share. In consideration of this note the company agreed to issue and deliver said shares to the defendant.
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Appeal from judgment rendered by the court on a trial without a jury. The note in suit, for $3,000, was made by the defendant and delivered to the Brittenstene Silver Mining Company for 1,000 shares of the capital stock of said corporation, of the par value of $10 a share. In consideration of this note the company agreed to issue and deliver said shares to the defendant. The company delivered 166 of these shares, but there was no proof showing that it ever issued or delivered to the defendant the remaining 834 shares. The contract of the corporation was to issue and deliver 10,000 shares of…
1Opinion of the CourtMcAdam, J.
Although the trial judge found as a matter of fact that the defendant had been defrauded, and that the fraud would have furnished him with a good defense if the action had been brought by thé corporation guilty of the fraud, he nevertheless found against the defendant upon the ground that the plaintiff, as receiver, had higher rights than the company which he represents, and this upon the theory that the plaintiff, as receiver, represents, not only the corporation, but its creditors, and that the capital stock of the corporation is a trust fund for the payment of creditors, and that where the…
2Cases cited8 opinions
- Gates v. . PrestonNew York Court of Appeals · 1869
- Bellinger v. CraigueNew York Supreme Court · 1860
- St. Paul, Stillwater & Taylor's Falls Railroad v. RobbinsSupreme Court of Minnesota · 1877
- Litchfield Bank v. ChurchSupreme Court of Connecticut · 1860
- Cutting v. . DamerelNew York Court of Appeals · 1882
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