Pittsburg Steel Co. v. Davidson Hardware Co.
Supreme Court of North Carolina
Civil actioN, tried before Iia/rding, J., and a jury at November Term, 1917, of DavidsoN. Tbe action was to recover of defendant Hardware Company tbe balance due on a debt for goods sold and delivered to said defendant company by plaintiff and chiefly to charge tbe individual defendants, Shem-well and Young, with a portion of said claim on tbe ground and to tbe extent that, being directors and officers in charge of defendant company’s business, they bad wrongfully diverted…
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Civil actioN, tried before Iia/rding, J., and a jury at November Term, 1917, of DavidsoN. Tbe action was to recover of defendant Hardware Company tbe balance due on a debt for goods sold and delivered to said defendant company by plaintiff and chiefly to charge tbe individual defendants, Shem-well and Young, with a portion of said claim on tbe ground and to tbe extent that, being directors and officers in charge of defendant company’s business, they bad wrongfully diverted its assets for their own protection and benefit and .to tbe prejudice of plaintiff’s legal rights. On denial of liability…
1Opinion of the CourtHoke, J.
It is tbe recognized position with us that tbe directors of corporations, and more especially when, as officers, they are in tbe active charge of tbe business, are to be considered to a certain extent as trustees in respect to their corporate management and their business dealings with tbe corporate property, and in case of insolvency they will not be allowed to take advantage of their position to obtain a preference for themselves at tbe expense of creditors or other shareholders, either in tbe acquisition of rights or. in relief from liabilities which they may have incurred either as…
2Cases cited9 opinions
- Townsend v. . WilliamsSupreme Court of North Carolina · 1895
- Pender v. . SpeightSupreme Court of North Carolina · 1912
- Hill v. Pioneer Lumber Co.Supreme Court of North Carolina · 1893
- Fisher v. . FisherSupreme Court of North Carolina · 1915
- Graham v. Carr.Supreme Court of North Carolina · 1902
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Keener Lumber Co., Inc. v. PerryCourt of Appeals of North Carolina · 2002
- Harris v. Ray Johnson Construction Co.Court of Appeals of North Carolina · 2000
- Besseliew v. . BrownSupreme Court of North Carolina · 1919
- Whitley v. Carolina Clinic, Inc.Court of Appeals of North Carolina · 1995
- Caldwell v. . RobinsonSupreme Court of North Carolina · 1920
2 more not listed; retrieve them via the Exa API.