The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 9

The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 9

By (author) 

List price: US$22.40

Currently unavailable

Add to wishlist

AbeBooks may have this title (opens in new window).

Try AbeBooks

Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...with citizens of other states, and then, in effect, provided that all such contracts should be subject to the condition (in case the corporation became insolvent) that creditors residing in other_states should stand aside, in the distribution by the Tennessee courts of the assets of the corporation, until creditors residing in Tennessee were fully paid, not out of any funds or property specifically set aside as a trust fund, and at the outset put into the custody of the state, for the exclusive benefit, or for the benefit primarily, of Tennessee creditors, but out of whatever assets of any kind the corporatiou might have in that state when insolvency occurred. In other words, so far as Tennessee legislation is concerned, while this corporation could lawfully have contracted with citizens of other states, those citizens cannot share in its general assets upon terms of equality with citizens of that state. If such legislation does not deny to citizens of other states, in respect of matters growing out of the ordinary transactions of business, privileges that are accorded by it to citizens of Tennessee, it is difficult to preceive what legislation would effect that result. We adjudge that when the general property and assets of a private corporation lawfully doing business in a state are in course of administration by the courts of such state, creditors who are citizens of:: _--""'--other states are entitled, under the consti tution of the United States, to stand upon the same plane with creditors of like class who are citizens of such state, and cannot be denied equality of right simply because they do not reside in that state, but are citizens residing in other states of the Union. The individual plaintiffs in error...show more

Product details

  • Paperback | 282 pages
  • 189 x 246 x 15mm | 508g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236884655
  • 9781236884657