Franklin Fire Insurance v. Jenkins
New York Supreme Court
Demurrer to declaration. The declaration is in case by “ie dn’ectors oí an insurance company against their predecessors for mal-feasance in their office of directors, and contains two counts.
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Demurrer to declaration. The declaration is in case by “ie dn’ectors oí an insurance company against their predecessors for mal-feasance in their office of directors, and contains two counts. In the jfirst count it is stated, that the plaintiffs, on the 10th of January, 1826, and from thence until the time of the grievances after mentioned, were lawfully possessec| 0f and entitled to a large amount of funds, credits and effects of great value, to wit, of the value of $500,000, as an The defendants demurred, and for causes of demurrer assigned the following: 1. That a joint action cannot be…
1Opinion of the Court
*134 By the Court,
Sutherland, J.
The demurrer is well taken. ' The defendants, if liable at all upon the allegations contained in the declaration, are liable individually and severally, and not jointly, as directors. By the act of incorporation, (Statutes, vol. 4. c. 34,) the concerns of the company are to be managed by sixteen directors, and a major part is necessary to constitute a board, and to be competent to the transaction of the business of the corporation. The four defendants ‘ therefore were incapable of doing any corporate act, and could not jointly as directors have wasted and lost the…
2Cited by24 opinions
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- Coddington v. CanadayIndiana Supreme Court · 1901
- Union National Bank v. HillSupreme Court of Missouri · 1899
- Spering's AppealSupreme Court of Pennsylvania · 1872
- Platt Corp. v. PlattAppellate Division of the Supreme Court of the State of New York · 1964
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