Star Hardware & Supply Co. v. Toledo Steel Castings Co.

Ohio Supreme Court

Star Hardware & Supply Co. v. Toledo Steel Castings Co.

90 Ohio St. (N.S.) 171

CourtOhio Supreme Court

DecidedMarch 31, 1914

DocketNo. 13697

StatusPublished

This text of 90 Ohio St. (N.S.) 171 (Star Hardware & Supply Co. v. Toledo Steel Castings Co.) is published on Counsel Stack Legal Research, covering Ohio Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Star Hardware & Supply Co. v. Toledo Steel Castings Co., 90 Ohio St. (N.S.) 171 (Ohio 1914).

Pincite

Opinion

By the Court.

The directors of an insolvent corporation hold its property in trust for the bendit of all its creditors, and have no authority to transfer, sell and assign all of the property of the insolvent corporation to its secured creditors in satisfaction of their claims and liens, regardless of the -ights of unsecured creditors, but must proceed to wind up the affairs of such- corporation and apply all of its property and assets to the payment of its debts in the order of their priority according to law.

Judgment reversed.

Nichols, C. J., Shaucic, Tohnson, Donahue, Wanamaker and Wilicin, JJ., concur.

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By the Court.

The directors of an insolvent corporation hold its property in trust for the bendit of all its creditors, and have no authority to transfer, sell and assign all of the property of the insolvent corporation to its secured creditors in satisfaction of their claims and liens, regardless of the -ights of unsecured creditors, but must proceed to wind up the affairs of such- corporation and apply all of its property and assets to the payment of its debts in the order of their priority according to law.

Judgment reversed.

Nichols, C. J., Shaucic, Tohnson, Donahue, Wanamaker and Wilicin, JJ., concur.

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Bluebook (online)

90 Ohio St. (N.S.) 171, Counsel Stack Legal Research, https://law.counselstack.com/opinion/star-hardware-supply-co-v-toledo-steel-castings-co-ohio-1914.