Sells & Co. v. Rosedale Grocery & Commission Co.
Mississippi Supreme Court
Feom the chancery court of Bolivar county. HoN. W. B. Trigg, Chancellor. The opinion sufficiently states the case. 1. The instruments executed by the grocery company were void because not executed by its duly authorized officers, in accordance with its charter and by-laws. It was never contemplated that the corporation would do a losing business, and, therefore, the directors were never authorized to put an' end to the life of the corporation.
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Feom the chancery court of Bolivar county. HoN. W. B. Trigg, Chancellor. The opinion sufficiently states the case. 1. The instruments executed by the grocery company were void because not executed by its duly authorized officers, in accordance with its charter and by-laws. It was never contemplated that the corporation would do a losing business, and, therefore, the directors were never authorized to put an' end to the life of the corporation. The act of the directors was ultra vires. 33 Barb., 89. The same may be said of the action of the credit and executive committee in transferring to the…
1Opinion of the Court
Calhoon, Special J.,
delivered the opinion of the court.
A number of creditors of the Rosedale Grocery & Commission Company filed their several independent bills against N. B. Scott, its assignee, and the Bank of Rosedale, and, subsequently, filed amended bills, bringing in Geo. S. Zehnder, trustee. Both the grocery company and the bank are corporations.
*602The bills and amendments charge that the grocery company made an assignment composed of three instruments: One, a bill' óf sale to the bank, another, a trust-deed to secure the bank, and, another, an assignment to N. B. Scott, assignee, and that…
2Cases cited3 opinions
- Estes v. GunterSupreme Court of the United States · 1887
- Eldridge, Dunham & Co. v. PhillipsonMississippi Supreme Court · 1880
- Richardson v. DavisMississippi Supreme Court · 1892
3Cited by6 opinions
- Corey v. WadsworthSupreme Court of Alabama · 1897
- Love Manufacturing Co. v. Queen City Manufacturing Co.Mississippi Supreme Court · 1896
- Mann v. MannNorth Dakota Supreme Court · 1929
- Hill v. Ryan Grocery Co.Court of Appeals for the Fifth Circuit · 1896
- Fargason v. Oxford Mercantile Co.Mississippi Supreme Court · 1900
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