Planters Bank of Farmville v. Whittle
Supreme Court of Virginia
Appeal of Planters Bank of Farmville from decree of circuit court of Prince Edward county, rendered 5tlL September, 1882, in a chancery suit therein pending under style of “ Whittle for, &c. v. The Farmville Insurance and Banking Company The material facts are briefly these: Some time in the year 1875 the Planters Bank of Farmville discounted for the Farmville Insurance and Banking Company a negotiable note drawn by the latter for $10,000. As security for the payment of the…
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Appeal of Planters Bank of Farmville from decree of circuit court of Prince Edward county, rendered 5tlL September, 1882, in a chancery suit therein pending under style of “ Whittle for, &c. v. The Farmville Insurance and Banking Company The material facts are briefly these: Some time in the year 1875 the Planters Bank of Farmville discounted for the Farmville Insurance and Banking Company a negotiable note drawn by the latter for $10,000. As security for the payment of the note, the company deposited with the bank one hundred shares of the capital stock of the bank, ten shares of the capital…
1Opinion of the Court
Lewis, P.,
delivered the opinion of the court.
After stating the facts in the foregoing language, he continued ;
There is no proof of actual fraud in the transactions involved, but the appellees insist that the assets of an insolvent corporation are a trust fund for the payment of its debts; that the directors are trustees for the creditors, whose duty it is to apply the assets ratably for the benefit of tiie general creditors, and that therefore they can make no lawful preferences in favor of themselves, or in favor of those creditors for whose claims they are individually responsible.
*740That the…
2Cases cited5 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
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- Gordon v. PrestonSupreme Court of Pennsylvania · 1833
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