Mason v. Pewabic Mining Co. - 133 U.S. 50 (1890)
U.S. Supreme Court
Mason v. Pewabic Mining Co., 133 U.S. 50 (1890)
Mason v. Pewabic Mining Company
Nos. 168, 240
Argued December 17-18, 1889
Decided January 13, 1890
133 U.S. 50
APPEALS FROM THE CIRCUIT COURT OF THE UNITED
STATES FOR THE WESTERN DISTRICT OF MICHIGAN
On the dissolution of a corporation at the expiration of the term of its corporate existence, each stockholder has the right, as a general rule, and in the absence of a special agreement to the contrary, to have the partnership property converted into money, whether such a sale be necessary for the payment of debts, or not.
Directors of a corporation, conducting its business and receiving moneys belonging to it after the expiration of the term for which it was incorporated, will be held to an account on the dissolution and the final liquidation of the affairs of the corporation in a court of equity.