Fort Payne Bank v. Alabama Sanitarium
Supreme Court of Alabama
Appeal from the Chancery Court of DeKalb. Heard before the Hon. S. K. McSpadden . The bill in this case was filed by the Fort Payne Bank, on September 28, 1892, against The Alabama Sanitarium, the Fort Payne Educational Association, E. W. Godfrey; as trustee, C. O. Godfrey, and eighteen other defendants.
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Appeal from the Chancery Court of DeKalb. Heard before the Hon. S. K. McSpadden . The bill in this case was filed by the Fort Payne Bank, on September 28, 1892, against The Alabama Sanitarium, the Fort Payne Educational Association, E. W. Godfrey; as trustee, C. O. Godfrey, and eighteen other defendants. The bill was filed by the complainant as a non-secured creditor of The Alabama Sanitarium, it being alleged in said bill that it was the owner of a note for $6,672.95, which had been given by The Alabama Sanitarium to the Bank of Fort Payne, and had been subsequently transferred to the…
1Opinion of the CourtHaralson, J.
1. On the foregoing statement of the pleading and evidence in this cause, it is insisted that the conveyance of the Sanitarium to the Association was without any consideration, voluntary and void. So far as this branch of the contention goes, it must be said, that a corporation has the same right to dispose of its property for cash or on credit, as any natural person has, and a promise to pay, in either case, constitutes a valuable consideration to uphold a deed. — Bump on Fraud. Convey., 225. Unaffected by other questions in the case, the transaction between the Sanitarium and the…
2Cases cited5 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Finn v. BrownSupreme Court of the United States · 1891
- Vaughan v. SmithSupreme Court of Alabama · 1881
- Smith v. HuckabeeSupreme Court of Alabama · 1875
- Montgomery & West Point Railroad v. Branch, Sons & Co.Supreme Court of Alabama · 1877
3Cited by9 opinions
- Jennings v. Crystal Ice Co.Tennessee Supreme Court · 1913
- Lebeck v. Fort Payne BankSupreme Court of Alabama · 1896
- American Railway Express Co. v. DowningSupreme Court of Virginia · 1922
- King v. COOSA VALLEY MINERAL PRODUCTS COMPANYSupreme Court of Alabama · 1968
- Perrine Sawmill Co. v. PowellSupreme Court of Alabama · 1922
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