Central Bank v. Thayer
Supreme Court of Missouri
Appeal from Jackson Circuit Court. — Hon. Edward P. Gates, Judge. (1) “The rule appears to be well settled in the United States that a corporation may, unless prohibited by statute, purchase its own stock, or take it in pledge or mortgage.” Cook on Corporations, secs. 312, 314, '282; St. Louis Rawhide Co. v. Hill, 72 Mo. App. 148; Chitland v. Ins. Co., 86 111. 220'; State v. Smith, 48 Vt. 266; Williams v. Savage Mfg. Co., 3 Md.
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Appeal from Jackson Circuit Court. — Hon. Edward P. Gates, Judge. (1) “The rule appears to be well settled in the United States that a corporation may, unless prohibited by statute, purchase its own stock, or take it in pledge or mortgage.” Cook on Corporations, secs. 312, 314, '282; St. Louis Rawhide Co. v. Hill, 72 Mo. App. 148; Chitland v. Ins. Co., 86 111. 220'; State v. Smith, 48 Vt. 266; Williams v. Savage Mfg. Co., 3 Md. Ch. 418; Bank v. Bruce, 17 N. Y. 507; Bank v. Fox, 3 Blatchf. 431; Vail v. Hamilton, 85 N. Y. 453; Company v. Haven, 101 Mass. 398; Ralston v. Bank, 112 Cal. 218; Bank…
1Opinion of the CourtBurgess, J.
In 1888, the Central Bank of Kansas City'was doing a banking buisifiess, as a Missouri corporation, with a capital stock of $100,000. The defendant George E. Thayer, having acquired stock in the bank, was on September 7, 1888, elected vice-president of the bank, and on December 5,1888, elected as its cashier, and continued to act in that capacity until the bank ceased to do business on the fifth of March, 1891, when, by the action of its stockholders, the bank went into liquidation, and turned over all of its assets to the defendant Thayer for the purpose of winding up its affairs. He…
2Cases cited28 opinions
- Briggs v. SpauldingSupreme Court of the United States · 1891
- Wallace v. Lincoln Savings BankTennessee Supreme Court · 1891
- In re Estate of SoulardSupreme Court of Missouri · 1897
- Hayden v. ThompsonCourt of Appeals for the Eighth Circuit · 1895
- Cooper v. HillCourt of Appeals for the Eighth Circuit · 1899
23 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Freeman v. BerberichSupreme Court of Missouri · 1933
- Brewer v. BlantonMissouri Court of Appeals · 1977
- Semple v. SchwarzMissouri Court of Appeals · 1908
- Kauchick v. WilliamsSupreme Court of Missouri · 1968
- Avery v. Central BankSupreme Court of Missouri · 1909
8 more not listed; retrieve them via the Exa API.