Williams v. McKay
Supreme Court of New Jersey
On appeal from a decree of tbe chancellor, whose opinion is reported in Williams v. Halliard, 11 Stew. Eq. 373. The Mechanics and Laborers Savings-Bank was incorporated by a public statute passed March 3d, 1869. Its franchise was to receive deposits of money to be held, used and improved to the best advantage, and to divide the income and profit thereof among the persons making the deposits in just proportion after deducting necessary expenses, and to repay .them the…
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On appeal from a decree of tbe chancellor, whose opinion is reported in Williams v. Halliard, 11 Stew. Eq. 373. The Mechanics and Laborers Savings-Bank was incorporated by a public statute passed March 3d, 1869. Its franchise was to receive deposits of money to be held, used and improved to the best advantage, and to divide the income and profit thereof among the persons making the deposits in just proportion after deducting necessary expenses, and to repay .them the principal sums so deposited at such times, with such interest, and under such regulations aá the managers should prescribe.…
1Opinion of the Court
The opinion of the court was delivered by
Beasley, C. J.
This bill was exhibited by the receiver of the Mechanics and Laborers Savings Bank against its managers, for the purpose of holding them liable for certain losses sustained by the institution from time to time through a series of years. The right to the relief prayed is based on the alleged negligence of these officers in the management of the corporate affairs.
The bill, which is somewhat loosely framed, contains, in substance, a statement, which is mainly substantiated by details, of official delinquencies in the following particulars,…
2Cases cited1 opinion
- Hun v. . CaryNew York Court of Appeals · 1880
3Cited by9 opinions
- Lippitt v. AshleySupreme Court of Connecticut · 1915
- McGlynn v. SchultzNew Jersey Superior Court Appellate Division · 1966
- Fisher v. ParrCourt of Appeals of Maryland · 1901
- Sun B. L. Assn. v. RashkesNew Jersey Court of Chancery · 1936
- Whitfield v. KernNew Jersey Court of Chancery · 1936
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