Adams v. Delta & Pine Land Co.
Mississippi Supreme Court
Prom the circuit court of, first district, Hinds county. Hon. David M. Miller, Judge. • Adams, state revenue agent, the appellant, wras plaintiff in the court below; the Delta & Pine Land Company, appellee, was defendant there. Prom a judgment in plaintiff’s favor for less than demanded, he appealed to the supreme court.
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Prom the circuit court of, first district, Hinds county. Hon. David M. Miller, Judge. • Adams, state revenue agent, the appellant, wras plaintiff in the court below; the Delta & Pine Land Company, appellee, was defendant there. Prom a judgment in plaintiff’s favor for less than demanded, he appealed to the supreme court. The appellee, a domestic corporation, domiciled in Jackson, Hinds county, was in 1904 assessed by the tax collector of Hinds county, on notice given him so to do by the state revenue agent, for ad valorem taxes for the years 1886-to 1904, inclusive, on solvent creditors,…
1Opinion of the CourtWhitfield, C. J.
We have given this case the most patient and careful examination, and we have reached the conclusion that on the case made by this record the judgment of the court below cannot be upheld. What was done by the directors amounted in effect to nothing else than a promise for a future dividend. The notes, as dealt with on the facts in this record, constitute merely pledges on the part of the corporation that dividends of the amount therein named would be paid at maturity. The schedules exhibited are called “dividend schedules” throughout the entire examination of the witnesses. As such they are…
2Cited by1 opinion
- Delta & Pine Land Co. v. AdamsMississippi Supreme Court · 1908