Emporium Real Estate & Manufacturing Co. v. Emrie

Citations

• 54 Ill. 345

Syllabus

<p>Officbbs of a private corporation—of thevr right to apply property of the corporation to the payment of debts dm them,. The president of a private corporation, claiming that the corporation was indebted to him for his salary as president and for services as an attorney at law, caused its secretary to assign to him certain certificates of purchase of land held by the corporation, and in their possession as officers thereof. Upon bill filed by the corporation to compel a surrender of the certificates, it was held, the officers could not thus apply property of the corporation in their possession to the payment of debts due them. They could acquire no lien for such purpose, and the officer obtaining the certificates in that manner should surrender them to the corporation unconditionally.</p>