Hornor v. New South Oil Mill
Supreme Court of Arkansas
Appeal from Jefferson Chancery Court; John M. Eliiott, Chancellor; 1. The evidence shows that E. S. Ready was interested-in the New South Oil Mill; that he was at the same time director and special committeeman for the stockholders of the Valley Oil Company, a trustee for the Valley Oil Company and its stockholders — and that as such trustee he is forbidden by law to speculate with the trust property in the name of a partnership in which he was interested, or in his own…
Read the full summary
Appeal from Jefferson Chancery Court; John M. Eliiott, Chancellor; 1. The evidence shows that E. S. Ready was interested-in the New South Oil Mill; that he was at the same time director and special committeeman for the stockholders of the Valley Oil Company, a trustee for the Valley Oil Company and its stockholders — and that as such trustee he is forbidden by law to speculate with the trust property in the name of a partnership in which he was interested, or in his own name. 83 S. W. 599; 14 Pac. 545; 40 N. E. 362; 84 N. Y. 190; 121 N. Y. 107; 24 N. E. 13; 42 Pac. 439; Cook on Stock & Corp.…
1Opinion of the CourtHart, J.
On July 10, 1916, E. S. Ready instituted this action in the chancery court against the Yalley Oil Company, alleging that it was an insolvent corporation and praying for its dissolution and the settlement of its affairs. A receiver was appointed and its property was sold for enough to pay its debts in full.
Among the claims presented to the court for allowance was a claim for $29,700 filed by the New South Oil Mill, a copartnership.
E. C. Hornor, S. S. Faulkner and T. H. Faulkner, stockholders in the Valley Oil Company, filed exceptions to the allowance of the claim, and for grounds stated that…
2Cases cited1 opinion
- Nedry v. VaileSupreme Court of Arkansas · 1913
3Cited by8 opinions
- Clark-Mcwilliams Coal Co. v. WardSupreme Court of Arkansas · 1932
- Chamber of Commerce of Hot Springs v. BartonSupreme Court of Arkansas · 1937
- A & P's Hole-In-One, Inc. v. MoskopCourt of Appeals of Arkansas · 1992
- In Re Arkco Properties, Inc.United States Bankruptcy Court, E.D. Arkansas · 1997
- Hinton v. WillardSupreme Court of Arkansas · 1949
3 more not listed; retrieve them via the Exa API.