(Download) "Ridgeland Development Company v. C. L. Bundy and F. J. Hackney" by En Banc. Supreme Court of Florida # eBook PDF Kindle ePub Free
eBook details
- Title: Ridgeland Development Company v. C. L. Bundy and F. J. Hackney
- Author : En Banc. Supreme Court of Florida
- Release Date : January 09, 1933
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
DAVIS, C. J. -- In this case the bill of complaint filed in the court below alleged fraud on the part of the defendants, as directors of the corporation, complainant, in that said defendants had attempted to cancel obligations due the corporation by certain stockholders, including the defendants, thereby attempting to depreciate and destroy assets of the corporation to the detriment of the corporation, stockholders and creditors. The bill further alleges that the defendants failed to exercise diligence in attempting to collect obligations due the corporation for the sale of lots to purchasers and attempted to acquire valuable property belonging to the corporation for their own personal use by failing and refusing to use the moneys which the defendants owed the corporation for the stock certificates for the purpose of paying off certain obligations of the corporation. The bill also alleges that said defendants, instead of paying for their stock subscriptions to the corporation, certificates for which had been issued to and accepted by them, undertook to cancel their indebtedness to the corporation on said certificates and did in fact cancel the same. Other allegations are that the defendants agreed or acquired title to the property of the corporation by various means, such as tax certificates, execution sales, and the like, all of which they made possible by their willful neglect of the affairs of the corporation and dissipation of its assets.