Evans v. Brandon
Texas Supreme Court
Error from Galveston; Tried below before the Hon. William H. Stewart. W. R. Evans brought suit September 17,1873, against J. M. Brandon et al., and asked judgment for damages alleged to 'have been sustained by him on account of certain wrongful acts alleged to have been committed by defendants.
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Error from Galveston; Tried below before the Hon. William H. Stewart. W. R. Evans brought suit September 17,1873, against J. M. Brandon et al., and asked judgment for damages alleged to 'have been sustained by him on account of certain wrongful acts alleged to have been committed by defendants. Plaintiff alleged that he was a shareholder in the Texas Banking and Insurance Company, a corporation chartered and organized under the laws of Texas, and that he owned .eighty shares of the capital stock, which consisted of three thousand paid-up shares of the par value of $100 each; that defendants…
1Opinion of the Court
Gould, Associate Justice.
By mismanagement and gross neglect of duty on the part of defendants, as directors of the Texas Banking and Insurance Company, it is alleged that the company suffered heavy losses, and in consequence thereof plaintiff was injured in the depreciated value of his stock. The object of the suit" is to recover of the directors damages for this depreciation in the value of his stock.
On principle and authority, it is clear that the liability of 'directors for" a breach of duty that injures the corporate property as a whole, is primarily to the corporation whose agents they…
2Cases cited2 opinions
- Allen v. CurtisSupreme Court of Connecticut · 1857
- Proprietors of the Cabot & West Springfield Bridge v. ChapinMassachusetts Supreme Judicial Court · 1850
3Cited by19 opinions
- Commonwealth v. DavisTexas Supreme Court · 1942
- Sneed v. WebreTexas Supreme Court · 2015
- In Re SchmitzTexas Supreme Court · 2009
- Stinnett v. Paramount-Famous Lasky Corp. of New YorkTexas Commission of Appeals · 1931
- Texasgulf, Inc. v. Canada Development CorporationDistrict Court, S.D. Texas · 1973
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