Klugh v. Seminole Securities Co.
Supreme Court of South Carolina
Before Memminger, T., Columbia, December, 1913. Action brought by J. S. Klugh and others on behalf of themselves and others as stockholders of the Seminole Securities Company against that company, its directors and trustees, seeking a receivership for the company, and an accounting by W. A. Clark, T. S. Bryan and Wilie Jones, trustees.
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Before Memminger, T., Columbia, December, 1913. Action brought by J. S. Klugh and others on behalf of themselves and others as stockholders of the Seminole Securities Company against that company, its directors and trustees, seeking a receivership for the company, and an accounting by W. A. Clark, T. S. Bryan and Wilie Jones, trustees. The following facts appear in the agreed statement of case: The Seminole Securities Company was chartered under the laws of the State of South Carolina on or about the 9th day of January, 1908, being authorized by its charter to act as agent and manager for…
1Opinion of the Court
The opinion of the Court was delivered by
Mr. Justice Gage.
This is a cause in equity and a single question is made by the appeal. Remotely it is, are the defendants, Clark, Jones and Bryan, personally liable to the stockholders of the Seminóles Security Company for $30,000.00 for a breach of trust ?
The Circuit Court found that they were not, and we agree.
It is not necessary now to write down the history of the ■defunct Seminole Company, and we shall not undertake it.
It suffices to recite the cardinal features of the enterprise from its inception to its dissolution.
The charter of the company…
2Cited by4 opinions
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