Benner v. Billings

Citations

• 107 Wash. 1
• 181 P. 19
• 1919 Wash. LEXIS 739

Syllabus

<p>Frauds, Statute of (27)—Sale of Goods—Part Payment—Corporate Stock—Deferred Payments Beyond One Year. A contract for the sale of stock of a corporation upon which a partial payment is made- is a sale of goods, wares, and merchandise, and is not void as within Rem. Code, § 5289, relating to oral contracts that are not to be performed within one year, although deferred payments extend beyond that time.</p> <p>Bankruptcy (18) — Debts Due Bankrupt — Defenses — Sufficiency of Assets. In an action by a trustee in bankruptcy to recover the amount due to a bankrupt corporation on a sale of its treasury stock, the complaint need not show that the bankrupt did not have sufficient other property to pay its debts.</p> <p>Corporations (107, 226)—Stock—Actions to Enforce—Liability —Defenses. In an action by a trustee in bankruptcy to recover the amount due on a sale of treasury stock, the objection that the complaint shows no tender of the stock before suit is not available where it is alleged that the stock was sold and delivered.</p> <p>Same (67, 208, 211)—Stock—Transfers — Insolvency — Preferences to Officers. Under the trust fund doctrine, an officer in control of a failing corporation cannot evade his liability for treasury stock which the corporate records show that he purchased by claiming that the apparent sale was only an option, nor can his liability be limited to the prejudice of creditors by any arrangement between himself and the corporation or by a transfer of the shares.'</p> <p>Interest (3)—Compensation job Use. Where the amounts and dates of maturity of installments on a sale of treasury stock were fixed and certain, they draw interést at the rate of six per cent per annum upon maturity, under Rem. Code, § 6250.</p>