Canton Placer Mining Co. v. State

On August 14, 1956, during the course of proceedings for the dissolution of Canton Placer Mining Company, a corporation, a decree was rendered which found a balance on hand of $79,006.02 and ordered $65,000 “distributed ... by way of partial distribution” to the stockholders, according to their respective stock holdings, specifying the amount each was to receive, declaring that said sum of $65,000 “shall be and is apportioned . . . and ordered paid out” in the several amounts therein set forth.

The decree also found that certain of the stockholders had disappeared or died and ordered that “liquidating dividends awarded ... [to them] . . . shall be deposited forthwith pursuant to the provisions of section 5009 of the Corporations Code in the hands of the State Treasurer .... for a period of three years under the provisions of section 5011 of the *615 Corporations Code . . . and if any such dividends shall he unclaimed within said period of three years then said liquidating dividends so unclaimed shall be reclaimed by the corporation and distributed under Court order in this proceeding, pro rata among the other stockholders who are shareholders of such corporation at the time of…