Behrens v. Clark

The action is a stockholder’s suit against the defendant corporation, its directors and one Clark, to whom the corporate property was transferred under an agreement between the corporation, Clark, as trustee, and such creditors who may have wished to join in the arrangement, whereby Clark was to sell *713the corporation’s assets and pay off its creditors as follows: “ 1. The trustee shall first pay in full the claim of all creditors whose claims amount to $100 or less,” and after expenses and the claims of all other creditors are paid in full any balance then remaining shall be repaid by the…