New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-03-07
THE COURTS.

,,ovrr rrR-s LIFE PROLONGED
ChfsDli "0-',-,-- r,,srp AIMED FROM DIssoLV-
THE CoFPOhAIi '1S,xe TNrO THE HANDS OF
%l ra;tad States Circuit Court yester-
a. ,hs case Of Lucy D. FISK 80. I,at,r~.S CON-.
So :. aoceased AIT. the Union s'N0 49, -
- ,ha credit Nobbor Oh 49, ', .osta,,n,
PAnS, vas made for an nl"neuoh rcs1i''l,ns
vheh mo.oa ~ America from dissolvng pending
the Credit pss,ehford in decision granting the
hat case, Judse
njune'ion' - ,he papers that the profits growing
- ~ the contracts must have reaeheu tnuse
80. .sived them through the medium OF the OIeui'
1900 of America as assignee and owner OF suoh con
- a A. 70 make that corporation, as such, Liable 10
- IN this suit 70 the plaintiff and TO those on whose
-, che sulf ia brought aud TO the Union Pacific Rail
- Coupany as creditors Of snch corporation for such
q II any defendant is liable 10 respond IL also
.ns,actory appears that the Credit Mobiher OF Amer
A., has some property and that u has made an attempt
q, urocrre IT'S dissolution The property OF corpora
toDs IL held in trust for CREDITORS anu Lay
Ne pursued by them into whatsoever Janus
"a NAV come. as wei after as before the
,he corporation unless II may have come 70 nc
al bona, ade purchasers. Hence. the capital STOCK OF
esrporauon is deemed a trust run" IoI Az ' -, -
tAe oorporatlou; and no srockholdef can enIle nii
20 arv dividend or share OF such caplla sVocA ul, a.
A.. deh,s are paid II the capital stock should De
Avoided.
WING ais share Of the capital stock would, through
,ov in esntv be held liable pro rata 70 contribute
% IN, discharge Of such debts out OF the funds IN MS
80 Trnon the principle that the property Of cor
aton "a held by its officers in trust to be apphed 10
an discharge OF the legal debts OF snch cOrporauO
urs OF Equity interfere 70 restrain such officers RON
n,,ne such property 70 Illegal purposes, and to com
- restitution when any Illegal application has been
80 The pursuit OF the stockholders may make II
.eea-v 10 retain Jurisdiction over the corporation
r. o he permitted that after Jurisdiction in this suit
aver This corporation has been acquired by this
t tbe corporation should be allowed TO take steps TO
wade such jurisdiction 10y procuring s own dissolution
~ provisions OF Section OF the act Of March p 1885,
ana. writ OF Injunction shall not be granted to stay
Uroce,d.ngs in any court OF STATE, have never been
bea 70 have and cannot properly be construed TO have
.,v sppBroa except 70 proceedings begun in court
A. a state before the proceedings are begun IN the
r,s,r,i Court Otherwise. after suit is brought IN
v,to-,l Court a defendant could bv res0rting 70
snit Ia stale Court defeat III many Ways 80
effective Jurisdiction aud action Oi Use t iSe.i
Cont after 10 lad obtained fuH JuIlsuIcitgn
Al pcrson and subject matter. Moreover, wy
provl-On OF the act of 1898 must 1e cShtt.u Az 20
aoet0n with the provision OF section - o. VIZ ~ VI
sent d. l7s9 that the Federal Courts shal nave poNcI
10 issue an wTts which may De necessary IOI lle eAtI
- nj telr respective Jurisdictions IL may properly
b. con, derd as necessary for the continued exercise OF
the urs fiction OF THIS Court over Ie Co -.
aucetCn nat should De restrained rom dA41s seP7
IN = STATE Court 70 put itself out OF existence.
Tie Injunction asked Tor IS proper ~ restrain
pOrsti1n from taking any proceedings Iet us 9 u so
luton OF for the appointment OF receiver on ~ cAeCe
r for the distribution thereof among any OF IT'S STOCK
holders OF any other person. ana IRON hasin8 auE us
trlbu0n or transfer vi any Of ITS ely cts II s lJuhc
rnorstiou of anything witch II ought properly 10 De
allowed 10 dc, application may be made 10 modlIy H.