Macbeth v. Banfield
Oregon Supreme Court
From Multnomah: Alfred F. Sears, Jr., Judge. Statement by Mr. Justice Wolverton. This is a suit by William Macbeth, trustee of the Kaupisch Creamery Company, a corporation, bankrupt, against M. C. Banfield and others. Prior to January 27, 1899, Julius C. Kaupisch and H. W. Kaupisch were engaged in the creamery business under the firm name of the Kaupisch Creamery.
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From Multnomah: Alfred F. Sears, Jr., Judge. Statement by Mr. Justice Wolverton. This is a suit by William Macbeth, trustee of the Kaupisch Creamery Company, a corporation, bankrupt, against M. C. Banfield and others. Prior to January 27, 1899, Julius C. Kaupisch and H. W. Kaupisch were engaged in the creamery business under the firm name of the Kaupisch Creamery. On that date they transferred and set over to M. C. Banfield and Thomas Rand an undivided one half interest in the business, for the stipulated consideration of $5,000. One thousand dollars of this amount was at Cnee applied on…
1Opinion of the Court
Mr.' Justice Wolverton
delivered the opinion.
The gist of the controversy is that as to the creditors the stock was fraudulently issued as fully paid up, when in reality less than half of its par value has been so paid.
The conclusions of fact are not difficult of ascertainment. The Kaupisch Creamery owned certain property and merchandise which it had acquired in the course of five month’s engagement in the creamery business ; and, it being desirous of enlarging its business and placing its management in the hands of a corporation, Banfield and Rand purchased a half interest therein, so that…
2Cases cited19 opinions
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- Camden v. StuartSupreme Court of the United States · 1892
- Fogg v. BlairSupreme Court of the United States · 1891
- Coit v. Gold Amalgamating Co.Supreme Court of the United States · 1886
- First National Bank v. Gustin Minerva Consolidated Mining Co.Supreme Court of Minnesota · 1890
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- McAllister v. American Hospital Ass'nOregon Supreme Court · 1912
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