Duryee v. Gray
Supreme Court of New Jersey
On appeal of Jerome Taylor et al. from decree advised by Vice-Chancellor Eeed. The cause was heard on bill, answer and stipulation.
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On appeal of Jerome Taylor et al. from decree advised by Vice-Chancellor Eeed. The cause was heard on bill, answer and stipulation. The following is a chronological statement of the facts: 1890. The United States Credit System Company, organized under the Mar. .27. General .Corporation act of this state, filed its amended certifi- • cate, stating its object to be to sell and furnish a system of credits and to limit and guarantee wholesale dealers, manufacturers and jobbers against loss arising by reason of bad debts; and that its business, with the principal office in Newark, N. X, would be…
1Opinion of the Court
The opinion of the court was delivered by
Collins, J.
On the principal subject of this litigation, the result reached by the learned vice-chancellor accords with the opinion read by him for this court when he was one of its members, in the case of Montgomery v. Phillips, 8 Dick. Ch. Rep. 203. It is quite clear that the withdrawal of assets by vote of the executive committee of the board of directors of the United States Credit System Company, in order to create a trust fund to secure some of the directors of the company against an antecedent liability, *629was 'illegal if the company was insolvent…
2Cases cited4 opinions
- Reynolds v. StocktonSupreme Court of the United States · 1891
- Pendleton v. RussellSupreme Court of the United States · 1892
- Pringle v. . WoolworthNew York Court of Appeals · 1882
- Smith v. United States Express Co.Illinois Supreme Court · 1890
3Cited by7 opinions
- Hatch v. Morosco Holding Co.Court of Appeals for the Second Circuit · 1927
- Rogosin v. City Trust Co. of PassaicNew Jersey Court of Chancery · 1930
- De Stefano v. American Chocolate Almond Co.New Jersey Court of Chancery · 1930
- In re the Receivership of International Re-Insurance Corp.Court of Chancery of Delaware · 1946
- City National Bank v. Goshen Woolen Mills Co.Indiana Court of Appeals · 1903
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