Craig v. James

Upon the appeal from the judgment sustaining the demurrer to the former complaint the Appellate Division found the complaint insufficient only because of the order -of June 29, 1901, whereby the receivers were instructed to ahelease the defendants, who had been directors of the Anglo-American Savings & Loan Association, from all liability *149by reason of their alleged wrongful and negligent acts. That order and release were deemed to constitute an effective bar to an action by a stockholder, because any right of action a stockholder might have was one which was originally invested in the…