King v. Wooldridge
Mississippi Supreme Court
King v. Wooldridge, 78 Miss. 179 (Miss. 1900)
Whitfield
King v. Wooldridge
Opinion of the Court
delivered the opinion of the court.
There is no assignment of the debt by any valid act of the corporation.shown. The corporation was plainly insolvent, not a going concern,-nor one with any prospect of going on at any time in the future. It could not in such condition prefer its director, secretary and treasurer. Love M'f'g. Co. v. Queen City M'f'g. Co., 74 Miss., 290.
Reversed and remanded.
Reference
- Full Case Name
- Robert King, Adm'r v. James R. Wooldridge
- Cited By
- 6 cases
- Status
- Published
- Syllabus
- Corporations. Insolvency. Preferences. • An insolvent corporation which has ceased to be a going- concern and has no prospect of resuming business, cannot legally prefer a debt due to one of its directors, its secretary and its treasurer.