Nappanee Canning Co. v. Reid, Murdoch & Co.
Indiana Supreme Court
Erom Elkhart Circuit Court; H. D. Wilson, Judge, Action by Reid, Murdoch & Co. and others against the Rappanee Canning Company and others for damages for breach of an alleged contract, and to set aside, as fraudulent, a mortgage or deed of trust. Erom a judgment for plaintiffs, defendants appeal. Transferred from Appellate Court, finder subdivision two of §1337j Burns 1901.
1Dissent
Dissenting Opinion.
Hadley, J.
— It is conceded that this court has adopted the rule that a corporation, while prosecuting its corporate business, though with liabilities greater than assets, may prefer its creditors, as may a natural person, and that such preference may extend to an officer or director of the corporation when conferred by the vote of a disinterested majority of the board of directors. I am impressed, however, after a thoughtful consideration of the subject, that the rule has been already carried in this State as far as reason and judicial precedent will warrant, and, in so far…
2Cases cited22 opinions
- Sanford Fork & Tool Co. v. Howe Brown & Co.Supreme Court of the United States · 1895
- Sutton Manuf'g Co. v. HutchinsonCourt of Appeals for the Seventh Circuit · 1894
- James Clark Co. v. ColtonCourt of Appeals of Maryland · 1900
- Olney v. Conanicut Land Co.Supreme Court of Rhode Island · 1889
- Slack v. Northwestern National Bank of SuperiorWisconsin Supreme Court · 1899
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