Curtis v. Phelps
District Court, N.D. New York
At Daw. Action by Rensselaer D. Curtis, as receiver of the First National Bank of New Berlin, against Aimer H. Phelps and others. On application for order bringing in and substituting as party defendant the personal representative of defendant Chapin, who died since the commencement of the action.
1Opinion of the Court
RAY, District Judge.
There is an implied contract and undertaking on the part of the directors of a national bank to properly and faithfully perform their duties as directors, and if by misconduct or negligence they fail to perform such duty and damage results to the creditors of the bank, or the stockholders, a cause of action arises which may be enforced by the receiver in behalf of the creditors and stockholders. Such a cause of action is contractual,, and arises out of the contractual relation of the parties, and is not in tort. It is equally true that an action to- recover a penalty…
2Cases cited3 opinions
- Boyd v. SchneiderCourt of Appeals for the Seventh Circuit · 1904
- Stephens v. OverstolzU.S. Circuit Court for the District of Eastern Missouri · 1890
- Allen v. LukeU.S. Circuit Court for the District of Massachusetts · 1906
3Cited by4 opinions
- Hughes v. ReedCourt of Appeals for the Tenth Circuit · 1931
- Federal Deposit Insurance Corp. v. GreenwoodDistrict Court, C.D. Illinois · 1989
- Bates v. DresserDistrict Court, D. Massachusetts · 1915
- Noble v. MartinWashington Supreme Court · 1937