Smith v. Rathbun
New York Supreme Court
APPEAL, by the defendant, from an order made at Special Term overruling demurrers tó the complaint. The action was brought by Elijah B, Smith, a stockholder in the First National Bank of the city of Elmira, to recover the damages which he had sustained by the negligence and misconduct of Simeon Benjamin and John T. Rathbun, a vice-president and director of the bank, in permitting, aiding and assisting the president of the bank in doing certain wrongful acts by which the…
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APPEAL, by the defendant, from an order made at Special Term overruling demurrers tó the complaint. The action was brought by Elijah B, Smith, a stockholder in the First National Bank of the city of Elmira, to recover the damages which he had sustained by the negligence and misconduct of Simeon Benjamin and John T. Rathbun, a vice-president and director of the bank, in permitting, aiding and assisting the president of the bank in doing certain wrongful acts by which the stock of the bank was rendered of little or no value, and by which this plaintiff sustained damages. The defendants…
1Opinion of the CourtP. Potter, J.
Assuming the allegations in the complaint to be true, the action, in effect, is an action for damage sustained by the plaintiff as a stockholder of “the First National Bank of Elmira,” by reason of the illegal and fraudulent acts of the defendants as a part of the directors and officers of the said bank, and by their omissions of duty as such officers. The allegation is, that in and prior to 1867 one Van Campen, the president of said bank, in violation of his duty as president and contrary to law, loaned from the funds of said bank to divers individuals and to insolvent persons, without…
2Cases cited10 opinions
- Robinson v. SmithNew York Court of Chancery · 1831
- New York & New Haven Railroad v. SchuylerNew York Court of Appeals · 1865
- Life & Fire Insurance v. Mechanic Fire InsuranceNew York Supreme Court · 1831
- Allen v. CurtisSupreme Court of Connecticut · 1857
- Cunningham v. PellNew York Court of Chancery · 1836
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3Cited by5 opinions
- Pierson v. MorganNew York Supreme Court · 1887
- Stromeyer v. CombesNew York Court of Common Pleas · 1888
- Averill v. BarberNew York Supreme Court · 1889
- McCrea v. McClenahanAppellate Division of the Supreme Court of the State of New York · 1906
- Smith v. RathbunNew York Supreme Court · 1878