Warfield v. Kelly

Citations

• 262 Pa. 482
• 106 A. 72
• 1919 Pa. LEXIS 709

Syllabus

<p>Equity — Forfeiture—Expenditure of money given for a stated purpose — Corporations — Profits and dividends — Interchangeable use of words.</p> <p>1. The forfeiture which equity abhors is one which' works a loss contrary to equity.</p> <p>2. One who contributes money to be expended for a given purpose cannot be heard to complain if it be expended therefor, though it might have been more wisely expended for some other purpose.</p> <p>3. Where in an agreement between shareholders of a corporation the words profits and dividends are used interchangeably they will be so construed, although, as between those shareholders and the corporation itself, they have different meanings.</p>