Reports of Cases Argued and Determined in the Supreme Court of the State of Montana from December Term 1868, to Volume 16

Reports of Cases Argued and Determined in the Supreme Court of the State of Montana from December Term 1868, to Volume 16

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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. 1896 edition. Excerpt: ...the decision. ELKHORN TRADING COMPANY, APPELLANT, /u. TACOMA MINING COMPANY, ET AL., REsPoNDENTs. Submitted June 14, 1895. Decided June 17, 1895. CORPORA'1'IONS--A.7t1l1.lal report--I/iability of tru.stees.--Under section 460, Fifth Division of the Compiled Statutes, every company is required to file an annual report showing, among other things, the amount of existing debts, and if any such company tails to do so, as provided in this section, all the trustees oi' the company become jointly and severally liable for all its indebtedness existing at the time such report should have been filed. (Gans v. Switzer, 9 Mont. 408, cited.) SAmE--Estoppel to assert right of action against trustees.--In the case at bar B. was the general manager ot the plaintiff trading company and was also one of the trustees of the defendant mining company and kept the books of both companies. After the mining company had ceased operations, the trustees thereof, in order to make out the annual report required by section 460, Fifth Division of the Compiled Statutes, inquired ot B. what the amount of the company's indebtedness was to the piaintifl. He informed them that the mining company did not owe anything to the plaintiflf and that the indebtedness to others was but trifling and he advised them not to make any annual report. They relied upon B.'s statement and, so relying thereon, omitted to make and file the annual report. It appeared that the statements were made by B. in order that the plaintiff might secure a personal liability against a trustee of the mining company who was financially responsible. Held, that the plaintifl was estopped to assert a right of action against the trustees of the mining company tor a debt due from it to the...show more

Product details

  • Paperback | 232 pages
  • 189 x 246 x 12mm | 422g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236834011
  • 9781236834010