Seaboard Development Corp. v. Bainum

QUINN, Associate Judge.

Appellant corporation, plaintiff below, 'was formed in 1952 for the purpose of constructing and operating a seaside motel. Defendant, who was vice president and held stock in the corporation, performed the actual construction through a company owned by him. As an officer, defendant had authority to draw checks against the account of the corporation, and it was the practice for him to pay the costs of construction as they occurred by drawing checks in its name. He also drew checks against the account for his personal use, and was supposed to deposit funds later to cover…