Wright v. Gansevoort Bank

This is an action brought by a trustee in bankruptcy to recover moneys paid in violation of section 48 of the Stock Corporation Law (L. 1890, ch. 564), *215which, so far as material, reads as follows: “Ho conveyance, assignment or transfer of any property of any such corporation * * * nor any payment made * * * when the corporation is insolvent or its insolvency is imminent with the intent of giving a preference to any particular creditor over other creditors of the corporation shall be valid * * * Every person receiving by means of any such prohibited act or deed any property of the corporation…