MacIntyre v. State Bank

The judgment should be affirmed insofar as it directs recovery by assignees for the benefit of creditors of preferential payments made to defendant in liquidation of an indebtedness contrary to section 15 of the Stock Corporation Law. That section says nothing about recovery of interest, which has been allowed from January 17, 1949, the date of the last preferential payment. The object of section 15 of the Stock Corporation Law is to aid in the equitable distribution of an insolvent debtor’s assets among creditors, and, in order to accomplish this result, it is held that there is an equitable…