Hazard v. Durant
Supreme Court of Rhode Island
Bill in Equity charging fraudulent conversion of funds and praying for an account and an injunction. On motion for a decree.
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Bill in Equity charging fraudulent conversion of funds and praying for an account and an injunction. On motion for a decree. The former proceedings in this case are reported in 9 R. I. 602, 11 R. I. 195, and 12 R. I. 99.1 The master’s report made under the decree printed 12 R. I. 101, was filed January 15,1881, and was recommitted by order of the court February 24, 1882. The master filed his supplemental report April 6, 1882. The complainants excepted to this report, and subsequently submitted a draft which they asked the court to enter. The respondent Durant being in contempt was not heard.
1Opinion of the CourtDukfee, C. J.
The complainants ask the court to enter a decree against the defendant Durant for a sum which, as computed by them up to July 1, 1881, amounts to $15,528,549, and which with added interest would be much greater now. The sum is immense, but its magnitude results chiefly from following a large part of tbe funds converted by Durant into their investment in the stock of the Credit Mobilier of America, a stock which yielded prodigious profits, and, in a less degree, from computing interest on said profits, and on the residue of the funds converted at seven per cent, per annum, and compounding it.…
2Cases cited4 opinions
- Campbell v. MesierNew York Court of Chancery · 1819
- Emery v. ParrottMassachusetts Supreme Judicial Court · 1871
- President of the Bank of the United States v. WeisigerSupreme Court of the United States · 1829
- Jennings v. AshleySupreme Court of Arkansas · 1843