Bacon v. Robertson - 59 U.S. 480 (1855)
U.S. Supreme Court
Bacon v. Robertson, 59 U.S. 18 How. 480 480 (1855)
Bacon v. Robertson
59 U.S. (18 How.) 480
In the State of Mississippi, a judgment of forfeiture was rendered against the Commercial Bank of Natchez, and a trustee was appointed to take charge of the books and assets of the bank.
Under the laws of Mississippi and the general principles of equity jurisprudence, the surplus of the assets which may remain after the payment of debts and expenses, belongs to the stockholders of the bank.
The early and late English cases examined as to what becomes of the property of a corporation whose charter has been forfeited by a judicial sentence.
The modern rules of the English courts have been adopted in the United States, extending the protection of chancery over the civil rights of members of moneyed corporations and recognizing the existence of distinct and individual rights in their capital and business.
The trustee is estopped from denying the title of the stockholders to a distribution.
The courts of the United States have jurisdiction over the case, and a bill can be maintained, filed by a number of stockholders owning one-fifth part of the capital stock, suing for themselves and such of the stockholders as were not citizens of Mississippi nor defendants in the bill.
The transaction to which the suit relates was partly and incidentally brought before the notice of this Court in 57 U. S. 16 How. 106.
The facts are stated in the opinion of the Court.