Schufeldt v. Smith
Supreme Court of Missouri
Appeal from Buchanan Circuit Court. — Hon. H. M. * Ramey, Judge. (1) The deed of trust in question here is prima facie fraudulent, and the burden was on defendants to show that the debts of the creditors secured in the deed were valid debts of the corporation.
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Appeal from Buchanan Circuit Court. — Hon. H. M. * Ramey, Judge. (1) The deed of trust in question here is prima facie fraudulent, and the burden was on defendants to show that the debts of the creditors secured in the deed were valid debts of the corporation. See former opinion in this case, 131 Mo. 280. (2) A corporation can not, as against its creditors, apply its assets in satisfaction of debts of persons whom it is under no obligation to pay, and the _ inhibition extends to their use in the payment of the private debts of its officers. National Tube Works v. Bing Refrigerator <& Ice…
1Opinion of the CourtMacfarlane, J.
On the eighteenth of March, 1893, the James Walsh Mercantile Company, a corporation under the laws of this State, which had since 1887 been engaged in the.business of wholesale merchants in the city of St. Joseph, under a resolution of the board of directors, executed to defendant Smith, as trustee, a deed of trust on all its property to secure its creditors. The deed was drawn in pursuance of the resolution under which the debts and liabilities were divided into five classes and preferences given to the creditors in the order of classification. The general mercantile creditors of the concern…
2Cases cited6 opinions
- McLellan v. Detroit File WorksMichigan Supreme Court · 1885
- National Tube Works Co. v. Ring Refrigerating & Ice Machine Co.Supreme Court of Missouri · 1893
- Flanagan v. HutchinsonSupreme Court of Missouri · 1871
- Hall v. GoodnightSupreme Court of Missouri · 1897
- Waggoner-Gates Milling Co. v. Ziegler-Zaiss Commission Co.Supreme Court of Missouri · 1895
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- State ex rel. Grimm v. Manhattan Rubber Manufacturing Co.Supreme Court of Missouri · 1899
- Ziemer v. C. G. Bretting Manufacturing Co.Wisconsin Supreme Court · 1911
- Land Red-E-Mixed Concrete Co. v. Cash Whitman, Inc.Supreme Court of Missouri · 1968
- Scott v. Potter Plumbing & Heating, Inc.Missouri Court of Appeals · 1980
- Pitman v. Chicago-Joplin Lead & Zinc Co.Missouri Court of Appeals · 1905
2 more not listed; retrieve them via the Exa API.