Bosworth v. . Allen
New York Court of Appeals
Appeal, by permission, from an order of tbe Appellate Division of the Supreme Court in tbe fourth judicial department, made January 8, 1901, affirming an interlocutory judgment of Special Term sustaining demurrers to tbe complaint. • Tbe substance of the complaint is as follows: In 1898. tbe defendants were directors, duly elected by the stockholders, of tbe Genesee National Savings & Loan Association, a domestic corporation, the defendants Silas N. Gallup, James Walling,…
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Appeal, by permission, from an order of tbe Appellate Division of the Supreme Court in tbe fourth judicial department, made January 8, 1901, affirming an interlocutory judgment of Special Term sustaining demurrers to tbe complaint. • Tbe substance of the complaint is as follows: In 1898. tbe defendants were directors, duly elected by the stockholders, of tbe Genesee National Savings & Loan Association, a domestic corporation, the defendants Silas N. Gallup, James Walling, Ellery G. Allen and Eli H. Gallup being respectively the president, vice-president, secretary and treasurer, and tbe…
1Opinion of the CourtVann, J.
The defendants conspired to wreck the corpora'jtion of which they were directors and to thereby make money /for themselves. Although they sustained a relation of trust to the corporation and were bound to promote its interests and ¡ protect its projDerty, they entered into a combination to destroy j it in order to enrich themselves. While not technically j trustees, for the title of the corporate property was in the corporation itself, they were charged with the duties and subject to the liabilities of trustees. Clothed with the power of controlling the property and'managing the affairs of…
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