Killen v. Barnes
Wisconsin Supreme Court
Appeal from a judgment of the circuit court for Brown county: S. D. Hastings, Je., Circuit Judge. Plaintiff, as assignee of a claim established against an insolvent banking corporation whose affairs were in process of being settled under a voluntary assignment for the benefit of creditors, commenced this action to recover it of the stockholders and officers of the bank because of the stockholders’ liability and official misconduct of such officers.
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Appeal from a judgment of the circuit court for Brown county: S. D. Hastings, Je., Circuit Judge. Plaintiff, as assignee of a claim established against an insolvent banking corporation whose affairs were in process of being settled under a voluntary assignment for the benefit of creditors, commenced this action to recover it of the stockholders and officers of the bank because of the stockholders’ liability and official misconduct of such officers. The court decided the issues of fact, in effect, as follows: The First National Bank of Manitowoc was organized in 1865 and went out of business…
1Opinion of the Court
MaRsham,, J.
It is considered that the complaint and record disclose very clearly that the primary purpose of this action was to fully wind up the banking corporation by enforcing all liabilities of directors and stockholders which existed in its favor at the time it suspended business, and, as germane thereto, to enforce the personal liability of stockholders, statutory and otherwise, so far as the same can be enforced in an administrative action of this kind.
The purely personal wrong to plaintiff’s assignor, in that by false pretenses on the part of John W. Barnes as one of the directors of…
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