Knapp v. . Roche
New York Court of Appeals
Appeal from judgment of the General Term of the Superior Court of the- city of Flew York, entered upon an order made May 14,1878, which modified and affirmed as modified a judgment in favor of plaintiff, entered upon a verdict. The nature of the action and the material facts are stated in the opinion.
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Appeal from judgment of the General Term of the Superior Court of the- city of Flew York, entered upon an order made May 14,1878, which modified and affirmed as modified a judgment in favor of plaintiff, entered upon a verdict. The nature of the action and the material facts are stated in the opinion. An action against an officer of a bank, for making loans of its funds in a manner not authorized by law, can only be maintained by strict proof that the corporate funds or property have been lost and wasted, and the corporation has suffered actual loss. (2 Saunders on Pl. and Ev. [5th Am. ed],…
1Opinion of the Court
Ruger, Ch. J.
This action is brought by the receiver of an insolvent moneyed corporation against its vice-president to recover damages for losses occasioned by alleged illegal loans made by him of the funds of the corporation.
Such corporation was a savings bank, organized under a special act of the legislature (Chap. 831, Laws of 1868), by which it was authorized to invest its funds only in certain specified securities.
It was claimed that the defendant loaned the moneys of the bank to Avenue 0. railroad, and to one D. K. Colburn, upon securities not authorized by the act of incorporation.
The…
2Cases cited8 opinions
- Barrett v. . the Third Avenue R.R. Co.New York Court of Appeals · 1871
- Livingston v. BishopNew York Supreme Court · 1806
- Bush v. . ProsserNew York Court of Appeals · 1854
- Atlantic Dock Co. v. . Mayor, Etc., N.Y. CityNew York Court of Appeals · 1873
- Van Giesen v. . Van GiesenNew York Court of Appeals · 1852
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3Cited by55 opinions
- City of Chicago v. BabcockIllinois Supreme Court · 1892
- Conkling v. . WeatherwaxNew York Court of Appeals · 1905
- Miller v. F. Beck & Co.Supreme Court of Iowa · 1899
- Brandstein v. Ironbound Transportation Co.Supreme Court of New Jersey · 1934
- Cunningham v. SpringerNew Mexico Supreme Court · 1905
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