Warfield, Howell & Co. v. Marshall County Canning Co.
Supreme Court of Iowa
Appeal from, Marshall District Court — Hon. D. D. Miracle, Judge. ActioN IN equity. The petition states that the Marshall County Canning Company was organized in 1882, under the laws of this state, by certain persons, (naming them,) with a paid-up capital of $6,000, for the purpose of raising and packing corn, tomatoes, etc.; that in September and October, 1883, said corporation was solvent, and became indebted to the plaintiffs; that in January, 1885, said corporation,…
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Appeal from, Marshall District Court — Hon. D. D. Miracle, Judge. ActioN IN equity. The petition states that the Marshall County Canning Company was organized in 1882, under the laws of this state, by certain persons, (naming them,) with a paid-up capital of $6,000, for the purpose of raising and packing corn, tomatoes, etc.; that in September and October, 1883, said corporation was solvent, and became indebted to the plaintiffs; that in January, 1885, said corporation, being insolvent, did, in pursuance of a vote of all the. shareholders, make and deliver to E. W. Munson and others a…
1Opinion of the CourtSeevers, J.
Substantially, there is no dispute as to the facts. The authorized capital of the Marshall Company was $25,000, but the paid-up stock was $6,000, and it was practically all absorbed in purchasing the required real estate, the erection of buildings, and procuring machinery and other property for the prosecuting of the business of the Marshall Company. Money was required to prosecute such business. The corporation had neither money nor credit, but money was borrowed upon the notes or indorsements of the individual stockholders,.and used by the corporation. The latter never paid the money so…
2Cases cited1 opinion
- Buell v. Buckingham & Co.Supreme Court of Iowa · 1864
3Cited by32 opinions
- Sioux City Terminal Railroad & Warehouse Co. v. Trust Co. of North AmericaCourt of Appeals for the Eighth Circuit · 1897
- Lyons-Thomas Hardware Co. v. Perry Stove Manufacturing Co.Texas Supreme Court · 1893
- Luedecke v. Des Moines Cabinet Co.Supreme Court of Iowa · 1908
- Barber v. International Co. of MexicoSupreme Court of Connecticut · 1901
- Leach v. BeazleySupreme Court of Iowa · 1926
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