The U.S. Supreme Court case Grant, Receiver of the Struthers Furnace Company v. A.B. Leach & Company, Incorporated in 1929 revolved around a dispute over bonds issued by the Struthers Furnace Company and purchased by A.B. Leach & Co., which later sued for payment when they were not redeemed at maturity due to insolvency of the issuer company. The main issue was whether or not an Ohio law that allowed companies to issue bonds without stockholder approval applied retroactively; if it did, then these bonds would be valid despite being issued without such approval before this law came into effect. The Supreme Court ruled against A.B. Leach & Co., holding that laws should generally only apply prospectively unless there is clear legislative intent otherwise, which was lacking here regarding bond issuance procedures under Ohio corporate law prior to its amendment in 1913 allowing non-stockholder approved bond issuances. This decision emphasized respect for investor protection through requiring shareholder oversight on significant financial decisions like issuing debt securities and reinforced principles of statutory interpretation about prospective versus retrospective application of laws.

In the dissenting opinion for Grant, Receiver of The Struthers Furnace Company v. A.B. Leach & Company, Incorporated (1929), Justice Stone argued that the majority's decision was inconsistent with previous rulings and principles of equity jurisprudence. He contended that a receiver in bankruptcy should not be allowed to recover payments made by an insolvent debtor in good faith before bankruptcy proceedings began if those payments were part of regular business transactions and did not prefer one creditor over others. According to Justice Stone, such recovery would unfairly penalize creditors who had no reason to suspect insolvency or imminent bankruptcy at the time they received payment from their debtor. Furthermore, he believed it would discourage trade credit and disrupt normal commercial relationships by creating uncertainty about the finality of completed transactions.