National Broadway Bank v. Wessell Metal Co.
New York Supreme Court
Appeal from special term, New York county. Action by the National Broadway Bank of the city of New York against the Wessell Metal Company, ICarrick Biggs, and George W. Yan Siclen, as receiver of the Wessell Metal Company. Plaintiff appeals from a judgment for defendant dismissing the complaint, entered on trial by the court without a jury. Bev.
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Appeal from special term, New York county. Action by the National Broadway Bank of the city of New York against the Wessell Metal Company, ICarrick Biggs, and George W. Yan Siclen, as receiver of the Wessell Metal Company. Plaintiff appeals from a judgment for defendant dismissing the complaint, entered on trial by the court without a jury. Bev. St. N. Y. pt. 1, c. 18, tit. 4, § 4, provides: “Whenever any incorporated company shall have refused the payment of any of its notes or other evidences of debt in specie or lawful money of the United States, it shall not be lawful for such company or…
1Opinion of the CourtBarrett, J.
The real question in this case is whether the directors of an insolvent corporation have a right, by improper indirection, to prevent an honest creditor from obtaining the preference which his diligence entitles him to. To put it more fully and precisely: Have these directors a right to secure equality of distribution for all the creditors by means other than those pointed out by the various statutes regulating their duties and powers, and which, apart from the object sought to be obtained, would clearly be irregular, and a fraud upon the law? That it is not their duty to take measures to…
2Cases cited10 opinions
- Brouwer v. . HarbeckNew York Court of Appeals · 1854
- Varnum v. . HartNew York Court of Appeals · 1890
- Forbes v. . WallerNew York Court of Appeals · 1862
- Robinson v. . the Bank of AtticaNew York Court of Appeals · 1860
- Harris v. ThompsonNew York Supreme Court · 1853
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3Cited by4 opinions
- In re the Voluntary Dissolution of the Lenox Corp.Appellate Division of the Supreme Court of the State of New York · 1901
- Salt v. EnsignNew York Supreme Court · 1894
- Jefferson County National Bank v. TownleyNew York Supreme Court · 1895
- Bicknell v. SpeirNew York Court of Common Pleas · 1892