Monarch Mills v. Jones

In Monarch Mills v. Jones, 59 F.2d 502 (4th Cir. 1932), the treasurer of a corporation executed tax waivers about two and one-half years after dissolution of the corporation but before expiration of the five-year statutory period then in effect. After noting that the South Carolina dissolution statute did not restrict the time within which directors or officers might perform any act that they deemed advisable in settlement of the corporate affairs, the court concluded that the execution of the waivers was incidental to liquidation and within the powers conferred by the state statute.