Heineman v. Marshall
Missouri Court of Appeals
Appeal from St. Louis City Circuit Court. — Eon. Moses N. Bale, Judge. (1) An officer of such a corporation has the absolute right to resign. Having that absolute right, his motive or inducement to exercise that right cannot be a breach of trust, since he is not bound to continue in office.
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Appeal from St. Louis City Circuit Court. — Eon. Moses N. Bale, Judge. (1) An officer of such a corporation has the absolute right to resign. Having that absolute right, his motive or inducement to exercise that right cannot be a breach of trust, since he is not bound to continue in office. Briggs v. Spaulding, 141 U. S. 132; Fearing v. Glenn, 73 Fed. 116. The first of these cases holds that the relation of creditors to directors of a corporation is “that of contract and not of trust.” No liability arises where a director merely exercises his legal rights. Craig v. Phillips, 3 Ch. Div. 722;…
1Opinion of the CourtGoode, J.
Plaintiff is a judgment creditor of the Supreme Coucil, Knights of Equity of the World, an incorporated society organized, according to the avowal of its charter, to disseminate good principles, alleviate suffering and furnish fraternal insurance. Its active existence ceased in 1903 and since then it has had no meetings and done no business. Judgment was rendered against it in plaintiff’s favor on December 21, 1903, for over twelve hundred dollars, including the costs of the action. There was a payment on the judgment of one hundred and twenty-three dollars, but the balance still remains…
2Cases cited9 opinions
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- Snyder v. FreeSupreme Court of Missouri · 1893
- Bent v. PriestSupreme Court of Missouri · 1885
- McClure v. . LawNew York Court of Appeals · 1899
- Parker v. RobertsSupreme Court of Missouri · 1893
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3Cited by2 opinions
- Field v. Western Life Indemnity Co.U.S. Circuit Court for the Northern District of Illnois · 1908
- Keely v. BlackNew Jersey Court of Chancery · 1919