Raymond v. Palmer
Supreme Court of Louisiana
APPEAL from the Fifth District Court for the Parish of Orleans. Rogers, J. l; Two of tlie commissioners of an insolvent bank cannot institute a suit when the law re* quires the appointment of three. 7 N. H. 253 ; 8 Md. 187; 9 Ark. 320. 2. The commissioners of an insolvent bank cannot sue the directors for misrepresentation of the condition of the bank, whereby creditors or stockholders were deceived andsustained loss: sueh claims are not assets of the corporation, but belong…
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APPEAL from the Fifth District Court for the Parish of Orleans. Rogers, J. l; Two of tlie commissioners of an insolvent bank cannot institute a suit when the law re* quires the appointment of three. 7 N. H. 253 ; 8 Md. 187; 9 Ark. 320. 2. The commissioners of an insolvent bank cannot sue the directors for misrepresentation of the condition of the bank, whereby creditors or stockholders were deceived andsustained loss: sueh claims are not assets of the corporation, but belong to the individuals so de* ceived. 60 Maine, 17S; 12 Blatchford, 341; 14 Ch. Div. 673 : 55 Bf. Y. 400; oí JST. Y. 27,…
1Opinion of the Court
The opinion of the Court was delivered by
Fenner, J.
This is an action brought by the commissioners or receivers of the Louisiana Savings’ Bank and Safe Deposit Co. against the late president, cashier and directors of the corporation, for five hundred thousand dollars, as damages resulting from their mismanagement and unlawful acts in their official administration.
Numerous exceptions were interposed by the defendants, some of which were sustained by the judgment appealed from, which dismissed the action.
So far as these exceptions are based upon the illegality and nullity of the proceedings…
2Cases cited3 opinions
- Arthur v. . GriswoldNew York Court of Appeals · 1874
- Wakeman v. . DalleyNew York Court of Appeals · 1872
- Gillet v. . MoodyNew York Court of Appeals · 1850
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- Parker v. Baker Gasoline Co.Louisiana Court of Appeal · 1926