Lippitt v. Ashley
Supreme Court of Connecticut
January Term, 1915. Actions against directors •oL a savings-bank to recover losses sustained by the bank through the long-continued defalcations of its treasurer, alleged to have occurred because of the negligence and lack of supervision of the defendants, and also for negligently and illegally declaring and paying. dividends which had not been earned, brought to and tried by the Superior Court in Hartford County, Bennett, J.; facts found and judgment rendered for the…
Read the full summary
January Term, 1915. Actions against directors •oL a savings-bank to recover losses sustained by the bank through the long-continued defalcations of its treasurer, alleged to have occurred because of the negligence and lack of supervision of the defendants, and also for negligently and illegally declaring and paying. dividends which had not been earned, brought to and tried by the Superior Court in Hartford County, Bennett, J.; facts found and judgment rendered for the defendants in each case, and appeal by the plaintiffs. These four actions are brought by Hie receivers of the Windsor Locks…
1Dissent
I find myself unable to concur with the majority of the court in their conclusion that the court below committed legal error in finding, as it did, that these defendant directors, in the performance of their duties as such directors, were not guilty of negligence.
It is agreed that the obligation which they came under in accepting their directorships, as expressed in the abstract terms of the law, was the exercise of good faith and ordinary diligence and care in the performance of their duties, including that of reasonable oversight and supervision. Lowndes v. City National Bank, 82 Conn.…
2Cases cited16 opinions
- Briggs v. SpauldingSupreme Court of the United States · 1891
- Hun v. . CaryNew York Court of Appeals · 1880
- Farrell v. Waterbury Horse R. R. Co.Supreme Court of Connecticut · 1891
- Duffee v. MansfieldSupreme Court of Pennsylvania · 1891
- Lowndes v. City National BankSupreme Court of Connecticut · 1909
11 more not listed; retrieve them via the Exa API.