Kiernan v. Kahn Davis, Inc.

This is a judgment creditor's suit for an accounting against officers and directors of the defendant corporation, and to set aside payments made by the officers and directors to creditors as in fraud of creditors.

The suit is brought under the Corporation Act, the relevant provisions of which are as follows:

"Upon the dissolution in any manner of any corporation, the directors shall be trustees thereof, with full power to settle the affairs, * * * and divide the moneys and other property among the stockholders, after paying its debts. * * *

"The directors constituted trustees, as aforesaid * * *…