Moore v. Reynolds
Massachusetts Supreme Judicial Court
Bill in equity, filed May 26,1870, against Edwin Reynolds, Richard Holmes and three others, to enforce their liability as officers of the Reynolds Engine and Governor Company, a manufacturing corporation organized under the Gen. Sts. o. 61, for a judgment debt due to the plaintiffs from the corporation, incurred after its neglect to do the acts required by § 8. The bill did not purport to be brought in behalf of any creditors except the plaintiffs.
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Bill in equity, filed May 26,1870, against Edwin Reynolds, Richard Holmes and three others, to enforce their liability as officers of the Reynolds Engine and Governor Company, a manufacturing corporation organized under the Gen. Sts. o. 61, for a judgment debt due to the plaintiffs from the corporation, incurred after its neglect to do the acts required by § 8. The bill did not purport to be brought in behalf of any creditors except the plaintiffs. The answers set up various defences. Holmes in his answer set up that the bill should have been brought in behalf of all creditors. At the…
1Opinion of the CourtColt, J.
This case is reserved upon several points. One of them, in the opinion of the court, is decisive. The remedy of the plaintiffs is wholly under the St. of 1862, c. 218, which requires, in § 4, that the remedy of a creditor against officers liable for the debts of the corporation shall be by bill in equity filed in behalf of himself and all other creditors of the corporation, for the recovery of the sums due to him and such other creditors. The declared purpose of that statute was to define and regulate the enforcement of the liabilities of officers and stockholders of man- *474■ ufacturing…
2Cited by1 opinion
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