Lefever v. . Lefever
New York Court of Appeals
This action was of a novel character. Á director of a bank (who had been such from, its organization, who usually attended the meetings and was actually present and took part in the proceedings of the board of directors when the last dividend was declared), having purchased from the cashier of the institution twenty shares of its capital stock, asked to rescind such contract and recover back the money paid, on the ground of false representations and concealments of the…
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This action was of a novel character. Á director of a bank (who had been such from, its organization, who usually attended the meetings and was actually present and took part in the proceedings of the board of directors when the last dividend was declared), having purchased from the cashier of the institution twenty shares of its capital stock, asked to rescind such contract and recover back the money paid, on the ground of false representations and concealments of the cashier as to the value of the stock and the condition of the bank at the time of the purchase. The cause being tried by a…
1Opinion of the CourtWright, J.
The representations made by the • defendant, -which the referee -finds to be untrue, and on which the plaintiff relied, he being ignorant in fact of their truth or falsity (except as to certain protested paper), related wholly to the condition of the bank and the value of its stock. ‘One of the questions is whether the plaintiff, being a director of the bank, entrusted with the supervision and management of its affairs, is estopped, in a suit of this character, from setting up his actual ignorance of the condition "of*the bank. In any matter or-controversy connected with the business of the…
2Cited by5 opinions
- Rothmiller v. . SteinNew York Court of Appeals · 1894
- Purdy v. Manhattan Elevated Railway Co.New York Court of Common Pleas · 1891
- Williams v. KetchamIndiana Court of Appeals · 1906
- Clark v. RankinNew York Supreme Court · 1866
- Odell v. Metropolitan Elevated RailroadThe Superior Court of the City of New York and Buffalo · 1893