Fagan v. Stuttgart Normal Institute
Supreme Court of Arkansas
Appeal from Arkansas Chancery Court; John M. Elliott, Chancellor; 1. Porter, by virtue of his position as director and controlling stockholder, was a trustee, and could not speculate upon the corporation’s property, or purchase at sheriff’s sale, except as trustee. 38 Ark. 17, 26, 30; 10 Cyc. 815, 787, 791, 799; 35 Ark. 314; 75 Id. 188; 33 Id. 587. 2. The notice required by section 4923, Kirby’s Digest, was not given, and -the sale is subject to redemption. 3. The property…
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Appeal from Arkansas Chancery Court; John M. Elliott, Chancellor; 1. Porter, by virtue of his position as director and controlling stockholder, was a trustee, and could not speculate upon the corporation’s property, or purchase at sheriff’s sale, except as trustee. 38 Ark. 17, 26, 30; 10 Cyc. 815, 787, 791, 799; 35 Ark. 314; 75 Id. 188; 33 Id. 587. 2. The notice required by section 4923, Kirby’s Digest, was not given, and -the sale is subject to redemption. 3. The property was in fact redeemed in time. Porter accepted the amount tendered as sufficient, and cannot now object. He is estopped.…
1Opinion of the CourtFrauenthar, J.
In 1889 a number of the citizens of Stuttgart organized a corporation under the name of the Stuttgart Normal Institute. This corporation was formed under the general incorporation laws of Arkansas relating to “manufacturing and other business corporations.” The purpose of its formation was “the establishment and maintenance of an institution of learning at Stuttgart, Arkansas.” And it was not expected or intended that its stockholders should obtain any financial profit therefrom, although it was formed under the provisions of the 'Statute relating to business corporations. It secured land…
2Cases cited12 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Rogers v. Galloway Female CollegeSupreme Court of Arkansas · 1898
- Trapnall v. BurtonSupreme Court of Arkansas · 1866
- Cox v. HarrisSupreme Court of Arkansas · 1897
- Jones, McDowell & Co. v. Ark. Mech. & Agl. Co.Supreme Court of Arkansas · 1881
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3Cited by7 opinions
- American Mortgage Co. v. WilliamsSupreme Court of Arkansas · 1912
- Brownfield v. BookoutSupreme Court of Arkansas · 1921
- Ferguson v. GuydonSupreme Court of Arkansas · 1921
- Rone v. SawreySupreme Court of Arkansas · 1939
- Davis v. ShelbySupreme Court of Arkansas · 1918
2 more not listed; retrieve them via the Exa API.