Summers v. Glenwood Gold & Silver Mining Co.

Citations

• 15 S.D. 20
• 86 N.W. 749
• 1901 S.D. LEXIS 74

Syllabus

<p>1. Comp. Laws, § 2930, requires the meetings of stockholders and board of directors of a corporation to be held at its principal office. The by-laws of a mining corporation provided that special meetings of the board of directors could be held only on two days’ notice to each member of the board. A deed of the corporation, conveying all its corporate property, was executed at a special meeting at a branch office, of which no notice was given, and three of the four directors executing it were also directors of the corporate grantee. 3eld, that the deed was void.</p> <p>2. Where a conveyance of property from one corporation to another was void, and the obligation on which plaintiff subsequently obtained a judgment against the grantee accrued prior to the conveyance, a reconveyance of the property to the grantor was not fraudulent as to plaintiff.</p> <p>3. Where one corporation conveyed property to another in consideration of an issue of stock of the latter, and the property was reconveyed to the grantor, and a judgment creditor of the grantee sought to set aside the reconveyance as fraudulent, and the grantor claimed that the first conveyance was void because the stock issued therefor was worthless, a judgment obtained by a stranger against the grantee prior to the reconveyance was admissible to show the financial condition of the grantee at that time.</p>