Bolles v. Crescent Drug & Chemical Co.
New Jersey Court of Chancery
On appeal from the determination of receiver. The Crescent Drug and Chemical Company, on April 25th, 1893, entered 'into an agreement with Jacob and Henry A. Haussaling, executors of Henry Haussaling, by which agreement the said executors contracted to place, on the ground floor and basement of the premises of the Crescent Drug and Chemical Company, in the city of Newark, suitable soda water fountains and appliances for carrying on the soda water business, within thirty days…
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On appeal from the determination of receiver. The Crescent Drug and Chemical Company, on April 25th, 1893, entered 'into an agreement with Jacob and Henry A. Haussaling, executors of Henry Haussaling, by which agreement the said executors contracted to place, on the ground floor and basement of the premises of the Crescent Drug and Chemical Company, in the city of Newark, suitable soda water fountains and appliances for carrying on the soda water business, within thirty days from the date of the agreement, the said plant to remain the property of the executors. All the expense of doing' this…
1Opinion of the Court
Reed, V. C.
The single question submitted to me for decision is whether the insolvency of the corporation terminated the lease or agreement, the terms of which are already displayed.
It is, of course, not denied that, as a rule, the fact of insolvency will not rescind the contracts previously entered into by a bankrupt. Nor will the fact that the bankrupt is a corporation affect this general rule. The common-law doctrine that, upon dissolution, the property of the corporation reverted to the crown, has never been recognized in this country. Wait Insolv. Corp. §§ 381, 383; Mumma v. The Potomac…
2Cases cited8 opinions
- Curran v. ArkansasSupreme Court of the United States · 1853
- Mumma v. Potomac Co.Supreme Court of the United States · 1834
- Quincy, Missouri & Pacific Railroad v. HumphreysSupreme Court of the United States · 1892
- People v. Globe Mutual Life InsuranceNew York Court of Appeals · 1883
- Woodruff v. . Erie Railway CompanyNew York Court of Appeals · 1883
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3Cited by1 opinion
- Usher v. the Sarco Co. of N.J.New Jersey Court of Chancery · 1927