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Wood v. National City Bank
Unites States Court of Appeals for the Second Circuit
24 F.2d 661 (1928)
- Written by Daniel Clark, JD
Facts
The Stanton Oil Company (Stanton) was put into receivership. The receiver (plaintiff) sued several shareholders of Stanton (defendants) to recover dividends Stanton had paid to them. The receiver alleged in his complaint that Stanton paid the dividends while it was insolvent. The receiver did not allege that the creditors on behalf of whom he was seeking recovery had been creditors at the specific times the dividends were declared. The lower court dismissed the receiver’s complaint, and he appealed.
Rule of Law
Issue
Holding and Reasoning (Hand, J.)
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