Langer v. Fargo Mercantile Co.
North Dakota Supreme Court
Appeal from an order of the District Court of Cass County, Honorable A. T. Cole, Judge. Under § 4567 the directors of a dissolved corporation become trustees of its assets only in case other persons are not appointed by the court. Besides the subject of trusts is, and always has been, one peculiarly of equitable cognizance.
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Appeal from an order of the District Court of Cass County, Honorable A. T. Cole, Judge. Under § 4567 the directors of a dissolved corporation become trustees of its assets only in case other persons are not appointed by the court. Besides the subject of trusts is, and always has been, one peculiarly of equitable cognizance. Perry, Trusts, § 240; Patjo v. Swasey (Cal.) 44 Pac. 225. “Corporations whose charters expire by limitation may continue to act for the purpose of winding up their affairs, but this does not preclude a court of equity from winding up the affairs of such corporation when…
1Opinion of the CourtRobinson, J.
In this case there is no question concerning either the facts or the law. It is an appeal from an order of the district court denying a motion to remove the defendants as trustees of the Fargo Mercantile Company and to appoint a receiver for the company. Its corporate stock was 2,500 shares or $250,000. F. J. Langer owns 25 shares; William Langer, 100 shares. The affairs of the company had been so well managed for many years that its stock paid a dividend of *24225 per cent. Its life term of twenty years expired on April 1, 1915,, and without noticing the lapse of time the company continued and did…
2Cited by3 opinions
- Moen v. MoenNorth Dakota Supreme Court · 1934
- Langer v. Fargo Mercantile Co.North Dakota Supreme Court · 1921
- Baird v. Agricultural Credit Corp.North Dakota Supreme Court · 1934