Planten v. National Nassau Bank

In an action brought by a stockholder of a national bank against its directors for damages for alléged waste of its assets by mismanagement, the complaint alleges as an excuse for not making a demand upon the bank that it bring such suit that the defendants constitute a majority of such directors. An affirmative defense sets up that prior to the commencement of the action the bank went into voluntary liquidation, pursuant to section 5220 of the Revised Statutes of the United States, and the shareholders appointed a committee “ to liquidate the affairs of the bank, ’ ’ and further alleges that…