Corey v. Wadsworth
Supreme Court of Alabama
Appeal from the Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by W. W. Wadsworth, as a creditors’ bill against the appellant Lorenzo Corey and the Decatur Building Supply Company; and sought to have set aside and annulled as fraudulent and void certain transfers of its property by the Decatur Building Supply Company to the defendant Lorenzo Corey, and to compel the said Corey to account for the. value of the assets of the…
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Appeal from the Chancery Court of Morgan. Heard before the Hon. William H. Simpson. The bill in this case was filed by W. W. Wadsworth, as a creditors’ bill against the appellant Lorenzo Corey and the Decatur Building Supply Company; and sought to have set aside and annulled as fraudulent and void certain transfers of its property by the Decatur Building Supply Company to the defendant Lorenzo Corey, and to compel the said Corey to account for the. value of the assets of the Decatur Building Supply Company so transferred to him and appropriated by him. The material facts as averred in the…
1Opinion of the CourtMcCLELLAN, C. J.
-One of the main questions in this case is whether an insolvent and failing corporation can make a valid transfer of property to one of its directors in payment of a debt owing from the corporation to him, thus preferring 'him to other creditors in the payment of its debts, or, perhaps more accurately, whether directors of such corporation can prefer themselves in the payment of corporate debts. ' The writer not only has very affirmative views favorable to the validity of such a transfer on abstract principles, but he is further quite convinced that the point has been to all intents and…
2Cases cited60 opinions
- Twin-Lick Oil Co. v. MarburySupreme Court of the United States · 1876
- Sawyer v. HoagSupreme Court of the United States · 1873
- Robinson v. SmithNew York Court of Chancery · 1831
- Richardson's v. GreenSupreme Court of the United States · 1890
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
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3Cited by13 opinions
- Meighan v. Birmingham Terminal Co.Supreme Court of Alabama · 1910
- Union Coal Co. v. WooleySupreme Court of Oklahoma · 1915
- Taylor v. MitchellSupreme Court of Minnesota · 1900
- Bankers' Fire Marine Ins. Co. v. SlossSupreme Court of Alabama · 1934
- Henderson v. HallSupreme Court of Alabama · 1901
8 more not listed; retrieve them via the Exa API.