Crozier v. Menzies Shoe Co.

Citations

• 103 Kan. 565
• 175 P. 376
• 1918 Kan. LEXIS 322

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>New Corporation — Absorbing Assets of Existing Corporation — Rights of Creditors of Older Corporation. Where a new corporation is created and its corporate structure and business policy are shaped by the principal stockholders ond officers of an older corporation, and the main part of the business, assets, and the corporate name of the old company are conveyed and surrendered to the new corporation, and the provision for the payment of the debts of the old corporation is insufficient to satisfy creditors, or the creditors are hindered or inconvenienced thereby, such creditors may require their due at the hands of the new corporation, to the extent of the corporate assets which it has acquired from the old company.</p>