Lile v. Kefauver

Opinion op the Court by

Creal, Commissioner—

Affirming.

The sole question presented for decision "by this appeal is whether two or more creditors of an insolvent bank may jointly for themselves and for all other creditors of such bank maintain an action against the directors thereof to enforce the liability of the directors arising under the provisions of section 548, Kentucky Statutes. The statute in question reads:

“If the directors of any incorporated company shall declare and pay any dividend when the corporation is insolvent, or any dividend the payment of which would render it insolvent, or…