Telsey v. Jabil Realty Co.

In an action by the administrator of a deceased minority stockholder of the corporate defendant to require the individual defendants to account for, and restore to the corporation, money alleged to have been diverted and misappropriated, plaintiff appeals from a judgment dismissing the complaint on the merits, after trial before an Official Referee. Judgment unanimously affirmed, with costs. Plaintiff complained that the individual defendants, as officers and directors of the defendant corporation, had paid to themselves, out of corporate assets, debts due to them, which were outlawed by the…