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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 420   View pdf image (33K)
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420 HIGH COURT OF OHANCERY.
In this case, a settlement between the complainant and the corporation was
mode, and stock of the Company transferred to the latter for the amount
found to be due by the former. Upon a bill by complainant attacking this
settlement it was decided, that it was not fraudulent in fact, and was al-
lowed to stand, but leave was granted to surcharge and falsify the ac-
counts upon which it was based, and they were accordingly corrected, and
the amount due greatly reduced. HELD-
That the complainant has the right to demand the whole amount of stock
transferred by him, upon his paying the amount really ascertained to be
due from him, such transfer to stand merely as a security for the sum
actually due.
[The first opinion of the Chancellor in this case, delivered
on the 22d of November, 1848, is reported in 1st Md. Ch.
Decisions, 306. The decree of the Chancellor accompanying
the opinion was aa follows:
"This case standing ready for hearing, and having been
fully argued by the solicitors for the complainant and the de-
fendant, the proceedings have been read and considered. And
it appearing to the Chancellor, for the reasons stated, that the
charge of fraud, in the settlement of the 1st of June, 1844,
has not been sustained by the proof.
" It is thereupon adjudged and ordered, this 22d day of No-
vember, 1848, that the said settlement stand and be esta-
blished. But it appearing further to the Chancellor, for the
reasons also in that respect stated, that said settlement was
founded upon accounts, which are erroneous in several particu-
lars, both in the items of charge and credit; and that justice,
and the principles which govern this Court, require that the
complainant should have liberty to surcharge and falsify the
same. It is thereupon further ordered, that the complainant
have liberty so to surcharge and falsify said accounts in the
particulars, and to the extent specified in the accompanying
opinion of this Court. And this case is hereby referred to the
Auditor, with directions to state and report the necessary ac-
counts, from the pleadings and proofs now in the cause, and
such further proofs as the parties may lay before him—the
said accounts to conform in all respects to the principles, and
to be confined within the limits prescribed in the said opinion
of this Court."

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 3, Page 420   View pdf image (33K)
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