Jones v. Johnson
Court of Appeals of Kentucky
Case 71 — PETITION EQUITY APPEALS FROM LOUISVILLE CHANCERY COURT. 1. The directors unlawfully surrendered various stock notes of solvent subscribers, taking back the stock certificates; ’ and they are liable to plaintiffs for the amount lost to the bank thereby. 2 The defense that the notes of Wm. Johnson were returned to him, as extra compensation for his services as assistant cashier and warehouseman, does not deserve consideration.
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Case 71 — PETITION EQUITY APPEALS FROM LOUISVILLE CHANCERY COURT. 1. The directors unlawfully surrendered various stock notes of solvent subscribers, taking back the stock certificates; ’ and they are liable to plaintiffs for the amount lost to the bank thereby. 2 The defense that the notes of Wm. Johnson were returned to him, as extra compensation for his services as assistant cashier and warehouseman, does not deserve consideration. The facts show that such was not the case. But even if so, it does not appear that they were trying to reward “ zeal and merit; ” and in that event only would…
1Opinion of the CourtChief Justice Pryor
A number of defendants in this case having made-motions to dismiss this action on account of a misjoinder and for other causes, the action was dismissed by a judgment below, that on an appeal to this court was reversed, and will be found reported in 10 Bush, page 649. (Jones, Assignee, &c., v. Johnson, &c.)
*537The action was instituted by stockholders of Alie Traders’ Bank and Warehouse Company, to compel its assignee, Ullman, to settle the business of the corporation and distribute its assets, and to make the president and directors of the bank liable for the negligent manner in which they had…
2Cases cited2 opinions
- United Society of Shakers v. UnderwoodCourt of Appeals of Kentucky · 1873
- Dunn's Adm'r v. Kyle's Ex'rCourt of Appeals of Kentucky · 1878
3Cited by16 opinions
- Wallace v. Lincoln Savings BankTennessee Supreme Court · 1891
- Schulte v. Boulevard Gardens Land Co.California Supreme Court · 1913
- First State Bank of Nortonville v. MortonCourt of Appeals of Kentucky · 1912
- Enterprise Foundry & MacHine Works v. Miners' Elkhorn Coal Co.Court of Appeals of Kentucky (pre-1976) · 1931
- Pasotti v. United States Guardian Corp.Court of Chancery of Delaware · 1931
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