Whitewater Tile & Pressed Brick Manufacturing Co. v. Johnson
Wisconsin Supreme Court
Appeal from a judgment of the county court of Wal-worth, county: Jay F. Lyon, Judge. Suit in equity for an accounting between plaintiff and defendant, who was a promoter and secretary and treasurer of the plaintiff corporation, and for the recovery of the value of stock claimed to have been fraudulently issued to defendant without consideration.' The trial judge filed an opinion but no specific findings of.fact as required by statute.
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Appeal from a judgment of the county court of Wal-worth, county: Jay F. Lyon, Judge. Suit in equity for an accounting between plaintiff and defendant, who was a promoter and secretary and treasurer of the plaintiff corporation, and for the recovery of the value of stock claimed to have been fraudulently issued to defendant without consideration.' The trial judge filed an opinion but no specific findings of.fact as required by statute. In the opinion certain facts are found to exist, among others that the defendant herein subscribed and paid for $4,000 in stock; that stock to the par value of…
1Opinion of the Court
The following opinion was filed January 13, 1920:
Vinje, J.
The claim that plaintiff cannot maintain an action in equity for an accounting is not well taken. Where fraud in a fiduciary relation is alleged, as it. is here, equity will take jurisdiction. 1 Ruling Case Law, 224; 1 Corp. Jur. p. 623, § 70, par. 9.
The issue of stock at less than its par value,-or with an understanding that part of it is not to be paid for, is contrary to the provisions of sec. 1753, Stats. 1898, and when such facts appear then the issue is fraudulent in law irrespective of the intent. The trial court-therefore erred…
2Cases cited1 opinion
- Whitewater Tile & Pressed Brick Manufacturing Co. v. BakerWisconsin Supreme Court · 1910
3Cited by3 opinions
- Frey v. Geuder, Paeschke & Frey Co.Wisconsin Supreme Court · 1958
- Restlawn Memorial Park Asso. v. SolieWisconsin Supreme Court · 1939
- Whitewater Tile & Pressed Brick Manufacturing Co. v. KestolWisconsin Supreme Court · 1920