48 Minn. 172 | Minn. | 1892
This appeal is from an order overruling a demurrer to another “supplemental complaint” filed by the Minnesota Thresher Company in the sequestration proceeding against the corporation Seymour, Sabin & Co. The subject is to compel the stockholders to account for certain “stock” in the Northwestern Manufacturing & Car Company, which belonged to Seymour, Sabin & Co., and which is alleged to have been assigned to and distributed among them in 1882, without their paying anything therefor except their own stock in Seymour, Sabin & Co., which they surrendered, and which the officers of that corporation “pretended to cancel and retire.” The ambiguous and inconsistent allegations of the complaint leave it somewhat in doubt as to the precise legal ground upon which the pleader intended to plant himself, — whether this transfer and distribution of the “stock” was the act of the corporation Seymour, Sabin & Co., but under circumstances that made it a fraud on its creditors, or whether it was merely the unauthorized act of some of its officers outside the scope of their agency. But, in view of the allegation that these acts were “entirely without authority of any kind from Seymour, Sabin & Co., or from any meeting of the board of directors of said company, but were contrary to l'aw, and null and void, and of no effect whatever,” we must construe the complaint in the latter sense. If so, then the stock always remained the property of the corporation, the appellants having merely gotten possession of the certificates, (which are but the evidences of it,) for the recovery of which the corporation itself might have brought an action. In this view of the matter,the cause of action now sought to be enforced in behalf of creditors is one which accrued to the corporation in 1882, and, as the allegation is that the “stock” was delivered to the appellants “during the months following the 20th of May, 1882,” it
Order affirmed.
(Opinion published 50 N. W. Rep. 1116.)