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Pennsylvania State Reports Containing Cases Decided by the Supreme Court of Pennsylvania (Volume 133)

Pennsylvania State Reports Containing Cases Decided by the Supreme Court of Pennsylvania (Volume 133)


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1890. Excerpt: ... Opinion of the Court. to the Aronia creditors who became new stockholders in the Montgomery company, they took with such notice as prevents them from claiming now as innocent holders for value against the appellants as execution creditors of the old corporation. It is not worth while to cite authorities for these principles. They are settled and familiar. The only question that can be made is upon their application; and the novelty in this, if there be any, is simply the novelty of circumstances. The only case of similar facts that has been found is Hibernia Ins. Co. v. Transportation Co., 13 Fed. R. 516; and in that the Circuit Court of the United States reaches a similar conclusion. "This court holds," says Mccrary, C. J., " that the sale by the Babbage company of all its property to another corporation, composed mostly, if not wholly, of the same persons, was fraudulent and void as to all creditors of the former company not assenting thereto The fair inference from the transaction is that the old company was about to be dissolved, and to cease to be. It was to be absorbed by the new company. This is the inevitable consequence of the formation of the new company, composed substantially of the same persons, to transact the same business, at the same places, and with the same property. By the transfer, the creditors of the old company were deprived of the means of enforcing their claims Equity will not compel the creditor of a corporation to waive his right to enforce his claim against the visible and tangible property of the corporation, and to run the chances of following and recovering the value of shares of stock after they are placed on the market." And Treat, D. J., added: "A corporation cannot change its name, or assume the form of a new corporatio...


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Product Details
  • ISBN-13: 9781235622892
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 264
  • Spine Width: 14 mm
  • Width: 189 mm
  • ISBN-10: 1235622894
  • Publisher Date: 01 Feb 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 476 gr


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Pennsylvania State Reports Containing Cases Decided by the Supreme Court of Pennsylvania (Volume 133)
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