Caldlaw, Inc. v. Caldwell

At the threshold of this case we are confronted with the question whether a judgment creditor can maintain an action in the name of the judgment debtor corporation against one of its officers upon the ground that he committed a breach of trust in the use of corporate credit and assets for his own private gain. The plaintiff states in his brief: “This is not a creditor’s bill but is brought under G.S. 55-143 in effect at the time of the transaction ... to collect debts owed the corporation by a third person.”

Assuming the appellant’s allegations are true, and that the evidence is sufficient to…