Simons Wool Stock Corp. v. Clifford Steacie Co.

The plaintiffs, creditors of the defendant Clifford Steacie Co., a bankrupt corporation, bring this bill to require the payment of its debts to them by the defendant Wellman, one of its directors. The bill alleges as the ground of liability that early in 1935, when the corporation was organized, Wellman signed the articles of organization, wherein it was stated that four hundred shares of Class B stock without par value were to be issued for various kinds of property, namely: twelve shares for accounts receivable, forty-two shares for supplies, one hun*552died thirty-eight shares for machinery,…