Chambers v. Land Credit Trust Co.

The opinion of the court was delivered by

Benson, J.:

This action was prosecuted by stockholders of the Land Credit Trust Company to charge-the directors of that company for losses caused by their alleged negligence in managing its affairs.

The material facts, briefly stated, are that the WinneMortgage Company, a New Jersey corporation, was do*32ing business at Wichita. Its three principal officers, with two others, organized the Land Credit Trust Company, a Kansas corporation, who constituted its board of directors for the first year. Scott E. Winne was president of the mortgage company, and the…