New York Credit Men's Ass'n v. Harris

The action is brought by an assignee of a corporation for the benefit of creditors, against the defendant as a former officer, director and stockholder of the assignor, for his claimed illegal participation in the alleged waste and dissipation of the corporate assets. The complaint sets out five causes of action, each arising out of a transaction in which the assets of the assignor corporation were allegedly depleted to the extent of $4,500. The first and fifth causes of action are presumably brought under subdivisions 1, 2 and 5 of section 60 of the General Corporation Law; the second, third…