Pettit v. Port Newark Nat. Bk. of Newark

Backes, V. C.

The comptroller of the currency closed the Port Newark National Bank as being insolvent, and appointed a receiver who sold its assets for an amount sufficient to pay depositors. This bill is by a stockholder, on behalf of the bank, against its former officers and directors to recover the losses suffered by the bank through their maladministration and misadministration of its affairs, the receiver having refused and the directors being unwilling to sue in behalf of the bank.

The defendant Johnston, the cashier, answered, denying the charges and, by way of defense, sets up that just…