Hohner v. American Silica Corp.

Full title: John Hohner et al., Appellants, v. American Silica Corporation et al.…

Court: Appellate Court of Illinois

Date published: May 15, 1940

305 Ill. App. 620 (Ill. App. Ct. 1940)

27 N.E.2d 668

Opinion

Gen. No. 9,535. (Abstract of Decision.)

Opinion filed May 15, 1940

CORPORATIONS, § 448^_ — trust fund theory, inapplicability. Where options were taken on plaintiffs' sand pits and transferred to defendamt corporation, and defendant made payments before bankruptcy based upon the prices as fixed in the options, action by plaintiffs based upon the trust fund theory was properly dismissed below, as the courts cannot mend a bargain because it proves to be improvident or unfortunate.

_ See Callaghan's Illinois Digest, same topic and section number.

Appeal from Circuit Court of LaSalle county; Hon. ROBERT E. LARKIN, presiding.

Affirmed. Heard in this court at February term, 1940.

John H. Armstrong, Butters Berry, Robb J. Purcell and R.A. Green, for appellants;

Edward G. Woods and Hibbs Pool, for certain appellee.

Opinion by JUSTICE HUFFMAN.

"Not to be published in full." Opinion filed May 15, 1940.