Flynn v. American Banking & Trust Co.
Supreme Judicial Court of Maine
In Equity. In equity. On exceptions by certain defendants. Bill in equity brought by the plaintiff, a creditor of the defendant corporation, The American Banking and Trust Company, in behalf of all the creditors of the defendant corporation and against sundry of the shareholders of the defendant corporation to enforce the liability of its shareholders imposed by the provisions of chapter 349, Special Laws, 1889, amendatory of its original charter, whereby its shareholders…
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In Equity. In equity. On exceptions by certain defendants. Bill in equity brought by the plaintiff, a creditor of the defendant corporation, The American Banking and Trust Company, in behalf of all the creditors of the defendant corporation and against sundry of the shareholders of the defendant corporation to enforce the liability of its shareholders imposed by the provisions of chapter 349, Special Laws, 1889, amendatory of its original charter, whereby its shareholders were made "individually liable, equally and ratably, and not one for another, for all contracts, debts and engagements of…
1Opinion of the CourtEmery, C. J.
The American Banking and Trust Company, a Maine banking corporation, stopped payment by vote of its directors Dec. 22, 1896. Seven days afterward the Bank Examiner filed a bill in equity against the corporation for the sequestration of its assets and the appointment of a receiver to administer them. Two days later, Dec. 81, 1896, the decree of sequestration was signed and a receiver appointed, who took possession of all the assets of the corporation. These assets were in time fully administered and distributed to the creditors of the corporation. There was no surplus.
The corporation was…
2Cases cited1 opinion
- Richmond v. IronsSupreme Court of the United States · 1887
3Cited by26 opinions
- Sokoloff v. National City BankNew York Court of Appeals · 1928
- Blackert v. LankfordSupreme Court of Oklahoma · 1918
- Greva v. RaineyCalifornia Supreme Court · 1935
- Cowden v. WilliamsArizona Supreme Court · 1927
- Broderick v. AaronNew York Supreme Court · 1934
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