Rockford Wholesale Grocery Co. v. Standard Grocery & Meat Co.

The question of law raised by this record arises from this state of facts: A. corporation, while solvent and a going concern, borrowed money of a bank, which indebtedness was guaranteed by the directors. Thereafter it became indebted to the appellant. By authority of the directors a judgment note was afterwards given the bank in lieu of the original note, on which judgment was at once taken and the corporation property sold. Appellant recovered judgment thereafter, and, on return of execution nulla bona, filed a bill against said directors seeking to hold them personally liable for a breach…