North Hudson Mutual Building & Loan Ass'n v. Childs
Wisconsin Supreme Court
APPEAL from the Circuit Court for St. Oroix County. This action was brought to recover against the defendants, Ohilds and Denniston, losses sustained, as it is alleged, by the plaintiff to the amount of $28,000 by reason of gross neglect, mismanagement, and inattention to their duties while they were respectively president and treasurer of the plaintiff, and as such ex offioio members of its board of directors.
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APPEAL from the Circuit Court for St. Oroix County. This action was brought to recover against the defendants, Ohilds and Denniston, losses sustained, as it is alleged, by the plaintiff to the amount of $28,000 by reason of gross neglect, mismanagement, and inattention to their duties while they were respectively president and treasurer of the plaintiff, and as such ex offioio members of its board of directors. The complaint states that the plaintiff is, and has been since December 6,1876, a corporation of this state for the sole purpose of accumulating funds to be loaned to its members to…
1Opinion of the CourtPinkey, J.
1. The corporation plaintiff has a remedy •against its directors and officers for negligence, fraud, .breaches of trust, or for acts done' in excess of their authority, and the case against each is distinct, depending upon the evidence against him, unless two or more have joined or participated in the wrongful act, in which case all participants may be joined in the suit. And where the act is illegal or in violation of some positive law, the authorities indicate that there is no right of contribution where one only is sued and charged; and therefore it is held in many cases that it is not…
2Cases cited6 opinions
- Briggs v. SpauldingSupreme Court of the United States · 1891
- St. Louis & San Francisco Railway Co. v. McBrideSupreme Court of the United States · 1891
- Hun v. . CaryNew York Court of Appeals · 1880
- Sherman v. . ParishNew York Court of Appeals · 1873
- Franklin Fire Insurance v. JenkinsNew York Supreme Court · 1829
1 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Ellis v. Chicago & Northwestern Railway Co.Wisconsin Supreme Court · 1918
- Alderman v. AldermanSupreme Court of South Carolina · 1935
- Killen v. BarnesWisconsin Supreme Court · 1900
- Knox Glass Bottle Co. v. UnderwoodMississippi Supreme Court · 1956
- Benjamin Plumbing, Inc. v. BarnesWisconsin Supreme Court · 1991
11 more not listed; retrieve them via the Exa API.