Burke v. Security Finance Co.

The Ala-Florida Motor Corporation, a Florida corporation, while insolvent, distributed certain of its assets to its stockholders in violation of law (Section 6050 C. G. L., 4119 R. G. S.). The assets distributed consisted of accounts receivable due to the corporation by J. D. Russ, Jr., and H. B. Burke, Jr., but assumed by Burke. The total par value of same was $5,103.28 in the aggregate. Each of the stockholders, four in number, took á share in the distribution amounting to $1,275.82, each, which they severally claimed and charged up as salaries due them by the corporation.

Security Finance…