Velaise v. Sheresky

Plaintiff sued defendant to recover damages based upon alleged breach of trust by the directors of a corporation known as Rejak Corporation, in that they disposed of corporate assets without prior provision for plaintiff as a creditor of the corporation.

One, Harry S. Sheresky (now deceased and hereinafter referred to as “ Harry ”), was the sole stockholder and president of Rejak. He had, in behalf of Rejak, executed promissory notes to the plaintiff in the sum of $23,217 and personally indorsed all of the notes. The circumstances leading to the execution of the notes were as follows: Rejak…