Hogsett v. Dallas Mortgage Securities Co.

LOONEY, Justice.

This appeal is from an order of the trial court sustaining a general demurrer to appellants’ (plaintiffs) petition and dismissing their suit. The material facts alleged are these: That on December 16, 1936, the Dallas Mortgage Securities Company, a Texas corporation having its domicile in the city of Dallas, was dissolved by the voluntary action of its stockholders and, no receiver having been appointed, its president and directors became a board of trustees with authority to settle the affairs of the corporation, as provided by article 1388, R. S. The board was composed of…