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Reilly v. Segert
Illinois Supreme Court
31 Ill.2d 297, 201 N.E.2d 444 (1964)
- Written by Daniel Clark, JD
Facts
The Deerfield Lumber & Fuel Company, Inc. (Deerfield) purchased stock from some of its shareholders (defendants) while it was allegedly insolvent. The receiver of Deerfield, George Reilly, and three of Deerfield’s creditors (plaintiffs) sued the shareholders to recover the amounts paid to the shareholders for their stock under a common-law doctrine that granted creditors of insolvent corporations such causes of action under certain circumstances. The trial court dismissed Reilly’s claim against the shareholders, finding that the common-law doctrine had been overruled by statute. The appellate court agreed, and Reilly and the creditors appealed to the Illinois Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Schaefer, J.)
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