Morris v. Sampsell

The following opinion was filed March 9, 1937 :

Fritz, J.

The complaint purports to allege a cause of action in favor of the plaintiff, as the trustee in bankruptcy of the Central Telephone Company, an insolvent Delaware corporation, to enforce the personal liability of the defendants, as directors of that corporation, for dividends paid out of its capital assets, under their administration during the years of 1929 to 1931, in violation of the General Corporation Law of Delaware. The personal liability of directors for the declaration and payment of dividends contrary to the statutes of…