Burnes v. Burnes

Citations

• 137 F. 781
• 70 C.C.A. 357
• 1905 U.S. App. LEXIS 4204

Syllabus

<p>1. Estates of Deceased Pebsons—Distbibution of Pebsonai,ty befobe Obdee of Distbibution.</p> <p>The conveyance by administrators to distributees of their respective shares of the personal property of an estate, which is not previously authorized, but which is subsequently approved by the probate court, devests the administrators of all title and interest therein, and vests it in the distributees as of the date of the conveyance.</p> <p>% COEPOBATIONS—PoWEB TO PuBCHASE THEIB OWN STOCK.</p> <p>In the absence of constitutional or statutory prohibition, corporations have the inherent power to buy, to retire, and to sell their own stock.</p> <p>[Ed. Note.—For cases in point, see vol. 12, Cent Dig. Corporations, § 1530.)</p> <p>8. Same—Payment in Annuities.</p> <p>A corporation which is not organized to grant purchase, or dispose of annuities may legally contract to pay in annual installments during the lives of the vendors for property which it has corporate authority to buy, although corporations not organized to deal- in annuities are expressly forbidden to- do so. The power to pay on such, terms as the vendor and purchaser agree is ári indispensable incident tó the. power to buy and inheres in it. Such a transaction is not- a ’dealing in annuities-within the meaning of the prohibition.</p> <p>• 4. Fiduciary Relations—Use fob Personal Benefit.</p> <p>Parties in fiduciary relations are prohibited by the law from using their knowledge or power to -the detriment of their correlates. No such' use can avail them when challenged.</p> <p>[Ed. Note.—For cases in point, see vol. 12, Cent. Dig. Corporations, §§ 1401-1415.] •</p> <p>5. Corporations—Directors may Not Use Power for Their Own Benefit.1</p> <p>Contracts and transactions between individuals and corporations of which they are controlling directors or officers, which are unfair, in which the individuals secure an undue or unjust advantage, in which an antagonism between the interest of the individuals and the duty of