Banta v. Hubbell
Missouri Court of Appeals
Appeal from Boone Circuit Court. — Hon. N. D. Thurmond, Judge. (1) Where a corporation, becomes insolvent it is the duty of the directors to make an assignment for the benefit of creditors. Huse v. Ames, 104 Mo. 91. (2) The assignment dissolves the corporation. Kehlor v. Lademann, 11 Mo.
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Appeal from Boone Circuit Court. — Hon. N. D. Thurmond, Judge. (1) Where a corporation, becomes insolvent it is the duty of the directors to make an assignment for the benefit of creditors. Huse v. Ames, 104 Mo. 91. (2) The assignment dissolves the corporation. Kehlor v. Lademann, 11 Mo. App. 550. (3) All the assets of the assigned corporation, including unpaid balance on stock passes to the assignee, by the deed of assignment, to he held in trust for the benefit of the corporation creditors. Lyonberger v. Bank, 10 App. 499. (4) A corporation is insolvent, when it is not able to pay its debts…
1Opinion of the CourtJohnson, J.
This is an action prosecuted by the assignee of a business corporation for the recovery of an unpaid subscription to the capital stock. A similar suit against Charles D. Matthews, another alleged stockholder, was brought in the same court and by stipulation tried with this case. What we shall say in this opinion will apply with equal force to that case. A trial to the court resulted in a judgment for the defendant in each case and appeals were taken by plaintiff.
*41In January, 1910, the Columbia Hotel and Catering Company was incorporated under the provisions of article IX, eh. 12, Revised…
2Cases cited2 opinions
- Sabin v. Columbia Fuel Co.Oregon Supreme Court · 1893
- Simmons v. DentMissouri Court of Appeals · 1884
3Cited by4 opinions
- Ratcliff v. ClendeninCourt of Appeals for the Eighth Circuit · 1916
- Sill v. Kentucky Coal & Timber Development Co.Court of Chancery of Delaware · 1916
- Drummond Co. v. St. Louis Coke & Foundry Supply Co.Missouri Court of Appeals · 2005
- Koury v. Xcellence, Inc.District Court, S.D. New York · 2009