Hilliard v. Lyman

WHEELER, District Judge.

The statute under which the defendants were directors provides (V. S. 3724):

“No debts shall be contracted by the corporation exceeding in amount two-thirds of the capital stock actually paid in; and a director assenting to the creation of an indebtedness exceeding such amount shall be personally liable for the excess.”

The declaration alleges the creation of an indebtedness of the corporation amounting to $2,800 to the plaintiff, in excess of two-thirds of the capital stock actually paid in, assented to by the defendants as directors, whereby they became liable therefor…