First National Bank v. E. T. Barnum Wire & Iron Works
Michigan Supreme Court
Appeal from Wayne. (Speed, J.) Appeal from order dismissing petition of creditor for removal of receiver and for other relief.
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Appeal from Wayne. (Speed, J.) Appeal from order dismissing petition of creditor for removal of receiver and for other relief. The facts are stated in the opinion. •It is a general rule that whenever a party, by fraud, accident, mistake, or otherwise, has obtained an advantage in proceeding in a court of ordinary jurisdiction which must necessarily make that court an instrument of injustice, a court of equity will interfere to prevent a manifest wrong, by restraining the party whose conscience is thus bound, from using the advantage which he has there gained: 2 Daniell’s Ch. Practice, p.…
1Opinion of the CourtSherwood, J.
The defendant E. T. Barnum Wire & Iron Works was a corporation, having a capital stock paid in, prior to February, 1884, of $279,750.
At that date the company consisted of fifteen stockholders, among whom were the defendants Lucetta R. Medbury, William Gr. Thompson, Charles H. Thompson, and Henry M. Duifield, the last named having purchased his stock, consisting of $5,000 worth, on the twenty-sixth day of January previous.
Some time subsequent to February, 1884, the capital stock seems to have been increased $100,000, and the new stock was taken in April or May, 1884, by defendants Brace, Hall,…
2Cases cited6 opinions
- Adams v. WoodsCalifornia Supreme Court · 1857
- Merchants' & Manufacturers' National Bank v. Kent Circuit JudgeMichigan Supreme Court · 1880
- Ellicott v. United States InsuranceCourt of Appeals of Maryland · 1848
- Ryckman v. ParkinsNew York Court of Chancery · 1836
- Attorney General v. Life & Fire InsuranceNew York Court of Chancery · 1833
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3Cited by5 opinions
- Ypsilanti Fire Marshal v. KircherMichigan Court of Appeals · 2007
- Cavanagh v. CavanaghSupreme Court of Rhode Island · 1977
- Singer v. GoffMichigan Supreme Court · 1952
- Clapp v. ClappNew York Supreme Court · 1888
- Quigley v. WolfMichigan Supreme Court · 1913