Chicago Hansom Cab Co. v. Yerkes
Illinois Supreme Court
Appeal from the Circuit Court of Cook county; the Hon. Lobin C. Collins, Judge, presiding. Charles T. Yerkes, a stockholder of the Chicago Hansom Cab Company, filed his bill in chancery in the Cook circuit court against that company, Warren Springer, Rose Abernethy, and others, to have a sale and conveyance of real estate and personal property of the company to said Rose Abernethy declared void, and set aside, and for an injunction and the appointment of a receiver.
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Appeal from the Circuit Court of Cook county; the Hon. Lobin C. Collins, Judge, presiding. Charles T. Yerkes, a stockholder of the Chicago Hansom Cab Company, filed his bill in chancery in the Cook circuit court against that company, Warren Springer, Rose Abernethy, and others, to have a sale and conveyance of real estate and personal property of the company to said Rose Abernethy declared void, and set aside, and for an injunction and the appointment of a receiver. A temporary injunction was issued and a receiver appointed, as prayed. Answers were filed to the bill, putting in issue its…
1Opinion of the CourtJustice Scholfield
From the foregoing statement it is clear that when Needham entered into the contract with Springer, the former was a director in the Chicago Hansom Cab Company, and its secretary. As director he owed the duty to the company to preserve its property and protect the company against loss, so far as that could be done by the exercise of ordinary care and diligence, and he could not himself become the purchaser of any property of the corporation which it was his duty to sell. (Wardell v. Railroad Co. 103 U. S. 651.) The contract between Needham and Springer requires the purchase of all the…
2Cases cited6 opinions
- Gamble v. Queens County Water Co.New York Court of Appeals · 1890
- Wardell v. Railroad Co.Supreme Court of the United States · 1881
- Brewer v. Proprietors of the Boston TheatreMassachusetts Supreme Judicial Court · 1870
- City of Chicago v. CameronIllinois Supreme Court · 1887
- Hartford Fire Insurance v. WilcoxIllinois Supreme Court · 1870
1 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Winger v. Chicago City Bank & Trust Co.Illinois Supreme Court · 1946
- Dixmoor Golf Club Inc. v. EvansIllinois Supreme Court · 1927
- Weisbecker v. Hosiery Patents, Inc.Supreme Court of Pennsylvania · 1947
- Rogers v. Nashville, C. & St. L. Ry. Co.Court of Appeals for the Sixth Circuit · 1898
- Klein v. Independent Brewing Ass'nIllinois Supreme Court · 1907
22 more not listed; retrieve them via the Exa API.