S. M. Jones Co. v. Home Oil & Development Co.

Citations

• 124 La. 148
• 49 So. 1009
• 1909 La. LEXIS 444

Syllabus

<p>1. Corporations (§ 561*) — Insolvency — Rights oe Receiver — Collection oe Trust ■ Funds.</p> <p>_ Funds identified as trust funds in liquidating an insolvent corporation can be collected to enable the receiver to pay creditors and equitably settle the business affairs of the company.</p> <p>2. Corporations (§ 178*) — Insolvency — Right oe Stockholder Creditor.</p> <p>A stockholder creditor who has acted in good faith toward a corporation in which he holds stock has a right to the payment of his claim concurrently with other creditors.</p> <p>3. Corporations (§ 178*) — Claims Against Insolvent Corporation — Rights oe Stockholder — Estoppel.</p> <p>The stockholder creditor is not estopped by the fact that he knew that the stock of the company had been issued for less than par.</p> <p>Nichoils and Monroe, JJ., dissenting.</p> <p>(Syllabus by the Court.)</p>