Harris v. Waters
New York Supreme Court
The State Bank of Williamson of Williamson, N. Y., was incorporated in 1905 with a capital stock of $30,000. This was increased to $60,000 in 1912 and to $100,000 in 1914. The defendants Brandt and Waters became directors and members of the examining committee in 1905 and the defendant Oheetham became a director and president in 1908 and a member of the examining and discount committees in 1910. The defendant Waters became a member of the discount committee in 1910. These…
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The State Bank of Williamson of Williamson, N. Y., was incorporated in 1905 with a capital stock of $30,000. This was increased to $60,000 in 1912 and to $100,000 in 1914. The defendants Brandt and Waters became directors and members of the examining committee in 1905 and the defendant Oheetham became a director and president in 1908 and a member of the examining and discount committees in 1910. The defendant Waters became a member of the discount committee in 1910. These three defendants acting in their representative capacities took part in the management of the bank and its affairs were so…
1Opinion of the CourtRodenbeck, J.
The defendants Brandt, Waters and Oheetham are responsible for any negligence in connection with loans that were made, renewed or continued during their term of office as directors of the bank of Williamson. Brandt and Waters became directors as far back as 1905 and Cheetham in 1908. If after that time ¡and down to the time of the severance of their relations with the bank as directors they were guilty of any want of ordinary care in the management of the affairs of the bank which caused a loss to the bank, they are responsible for that loss. Hanna v. Lyon, 179 N. Y. 107. It does not matter…
2Cases cited21 opinions
- Reynolds v. StocktonSupreme Court of the United States · 1891
- Bosworth v. . AllenNew York Court of Appeals · 1901
- Boardman v. Lake Shore & Michigan Southern Railway Co.New York Court of Appeals · 1881
- Carter v. . BeckwithNew York Court of Appeals · 1891
- Flynn v. . Brooklyn City R.R. Co.New York Court of Appeals · 1899
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