Michelsen v. Penney

Judge HAND, in his dissenting opinion, disagrees with Judge CLARK’S opinion on one point; as to that point, I agree with Judge CLARK.

Judge HAND joins in Judge CLARK’S opinion which is thus the majority opinion on another point as to which I disagree— the rejection of plaintiffs’ contention that the defendant is liable for non-negligent acts of those persons who were elected as directors but none of whom ever owned “in his own right” $1,000 of the bank’s stock and each of whom, therefore, in purporting to act as a director, violated 12 U.S.C.A. § 72 which provides: “Every director must during…