Godwin v. Whitehead

Citations

• 88 Va. 600
• 14 S.E. 344
• 1892 Va. LEXIS 12

Syllabus

<p>Cokpokatiox — Suit to set aside reorganization — Laches.— A trust deed was executed in 1870 by street railway company to secure its bonds. In 1873, becoming insolvent, company suspended. IV., holder of 1,874 of the 2,000 shares and of §49,000 of the §50,000 of bonds, being elected president, expended much money and greatly improved the situation. Trustees having vacated, IV. had others substituted by the court. IV. then became the purchaser. He failing, there was a second sale. In the meantime no objections were made. In 1886, the property having become valuable, G., owning three shares, brought suit for himself and the other stockholders to set aside the reorganization and sale on the ground of some alleged informality in the notice on which the order of substitution was made;</p> <p>Ilni.n:'</p> <p>By laches complainant lost, if he had any, right to relief.</p>