McDonald v. Williams
Supreme Court of the United States
CERTIFICATE FROM THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT. This suit was commenced in the Circuit Court of the United States for the Southern District of New York. It was brought by the plaintiff, as receiver of the Capital National Bank of Lincoln, Nebraska, for the purpose of recovering from the defendants, who were stockholders in the bank, the amount of certain dividends received by them before the appointment of a receiver.
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CERTIFICATE FROM THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT. This suit was commenced in the Circuit Court of the United States for the Southern District of New York. It was brought by the plaintiff, as receiver of the Capital National Bank of Lincoln, Nebraska, for the purpose of recovering from the defendants, who were stockholders in the bank, the amount of certain dividends received by them before the appointment of a receiver. Upon the trial of the case the Circuit Court decreed in fay or of the plaintiff for the recovery of a certain amount. The defendants appealed from the…
1Opinion of the CourtJustice Peckham
It will be noticed that the first question is based upon the facts that the bank, at-the time the dividends were declared and paid, was solvent, and that the stockholders receiving the dividends acted in good faith and believed that the same were paid out of the profits made by the bank.
The sections of the Revised Statutes which are applicable to the questions involved herein are set forth in the margin. 1
The complainant bases his right to recover in this suit upon the theory that the capital of the corporation was a trust fund for the payment of creditors entitled to a portion thereof, and…
2Cases cited3 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Graham v. Railroad Co.Supreme Court of the United States · 1880
- Wabash, St. Louis & Pacific Railway Co. v. HamSupreme Court of the United States · 1885
3Cited by100 opinions
- Commodity Futures Trading Commission v. WeintraubSupreme Court of the United States · 1985
- Hart Steel Co. v. Railroad Supply Co.Supreme Court of the United States · 1917
- Merrill v. Abbott (In Re Independent Clearing House Co.)District Court, D. Utah · 1987
- North American Catholic Educational Programming Foundation, Inc. v. GheewallaSupreme Court of Delaware · 2007
- Geyer v. Ingersoll Publications Co.Court of Chancery of Delaware · 1992
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