Metropolitan Trust Co. v. Becklenberg

Mr. Presiding Justice McSurely

delivered the opinion of the court.

By this suit plaintiffs sought to recover from defendant $387,543.06, which it was claimed defendant owed the Diversey Building Corporation, which was conveyed to the plaintiffs as trustees to secure bonds aggregating $987,500.

Defendant replied that the withdrawals by him of this amount were not in the nature of loans from the corporation to him, but in the nature of dividends, and that as the sole manager and beneficial owner the entire capital stock of the corporation he was entitled to these withdrawals. The case was tried by…