(Download) "Thornburgh Construction Co. v. College Heights Development" by Second Appellate District, Division One District Court Of Appeal Of California " Book PDF Kindle ePub Free
eBook details
- Title: Thornburgh Construction Co. v. College Heights Development
- Author : Second Appellate District, Division One District Court Of Appeal Of California
- Release Date : January 26, 1952
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 80 KB
Description
[111 CalApp2d Page 296] This case instituted by a corporation against two of its three directors (Thornburg and Rais) is most unusual in that it was promoted at the instance, and by the vote of Thornburg and that of the third director who not only did not own any stock in the corporation but was Thornburg's personal bookkeeper. In short, Thornburg owned 70 per cent and Rais 30 per cent of the outstanding capital stock. The action as instituted was at law to recover corporate funds in the sum of $100,975.92, which Thornburg had deposited in his personal bank account, but which he claimed had been expended by him, without any corporate action but, nevertheless, with the consent of Rais, to a joint venture in which he and Rais were engaged in equal ownership. The trial judge rendered judgment in favor of the corporation for the full amount it claimed and thereafter execution issued and was levied upon the joint venture property. Upon the execution sale the corporation bid in the property for approximately $26,489.67 less than its judgment and is now the owner of the joint venture property. It is at once apparent that through the technical legal procedure taken by Thornburg he has decreased the interest of Rais therein from 50 per cent to 30 per cent. Rais alone appeals from the judgment individually and in behalf of the alleged joint ventures.
 "Thornburgh Construction Co. v. College Heights Development" by Second Appellate District, Division One District Court Of Appeal Of California " Book PDF Kindle ePub Free){kind=link}