Schneider v. Hamilton Trust Co. of Paterson

In the penultimate paragraph of an earlier opinion (105 N.J. Eq. 373), it was stated that $5,657.28 of the insolvent Savoy Silk Mills had been appropriated by the trust company to its own use, for which it must account. The trust company accounted by showing that it had paid the money to creditors of the insolvent company. Thereupon, the receiver amended his bill charging that the trust company, as agent of the insolvent company, paid the money after insolvency, in violation of the sixty-fourth section of the Corporation act, which forbids directors, officers or agents of insolvent…