Ingwersen Bros. v. Edgecombe
Nebraska Supreme Court
Appeal from the district court of Madison county. Heard below before Allen, J. The facts are stated in the opinion. The directors and officers of the corporation are trustees of the creditors and must manage the property and assets with strict regard to their interests; and if the directors and officers are also creditors, while the insolvent corporation is under their management, they cannot secure for themselves any preference or advantage over other creditors.
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Appeal from the district court of Madison county. Heard below before Allen, J. The facts are stated in the opinion. The directors and officers of the corporation are trustees of the creditors and must manage the property and assets with strict regard to their interests; and if the directors and officers are also creditors, while the insolvent corporation is under their management, they cannot secure for themselves any preference or advantage over other creditors. (Haywood v. Lincoln Lumber Co., 26 N. W. Rep. [Wis.], 187; Marr v. West Tennessee Bank, 4 Cold. [Tenn.], 471; Koehler v. Black…
1Opinion of the CourtPost, J.
On the 22d day of June, 1891, the Farmers & Drovers Bank of Battle Creek issued to John F. Teidgen a certificate of deposit in the usual form for $5,000, payable September 1, 1891, and bearing interest at eight per cent per annum. On the 9th day of July following said Teidgen, as vice president of said bank, for the purpose of securing the said certificate of deposit executed a mortgage whereby, in behalf of the bank, he conveyed to himself a lot in the village of Battle Creek, owned and occupied by said bank as a place of business, and in which B. Meyel, the cashier, also joined. On the 15th…
2Cases cited2 opinions
- Haywood v. Lincoln Lumber Co.Wisconsin Supreme Court · 1885
- Hays v. Citizens' BankSupreme Court of Kansas · 1893
3Cited by16 opinions
- Leach v. BeazleySupreme Court of Iowa · 1926
- Crofoot v. ThatcherUtah Supreme Court · 1899
- Campbell Printing Press & Manufacturing Co. v. Marder, Luse & Co.Nebraska Supreme Court · 1897
- Tillson v. DowningNebraska Supreme Court · 1895
- German National Bank v. First National BankNebraska Supreme Court · 1898
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