Calcasieu Nat. Bank v. Godfrey

Citations

• 114 La. 874
• 38 So. 591
• 1905 La. LEXIS 561

Syllabus

<p>CORPORATIONS — ACTION AGAINST STOCKHOLDERS — REVOCATORY ACTION — PARTIES —ASSETS.</p> <p>1. Plaintiff seeks to set aside acts entered into by one of the shareholders of a corporation, on the one hand, with the corporation in which he owns these shares, on the other.</p> <p>2. Plaintiff is a creditor of the corporation in. question, and the shareholder is the debtor of plaintiff. Plaintiff charges fraud, and, from the point of view of a creditor, legal fraud is chargeable. The action in its nature is revocatory, and can be sustained only under the articles of the Code relating to the revocatory action.</p> <p>3. In such an action the parties to the acts attacked must be made parties to the suit.</p> <p>4. The amount sought to be recovered, if due, is due to the corporation of Wood & Co., and not exclusively to plaintiff. The property must be brought back contradictorily with the parties in interest, and placed in the mass of property owned by the corporation, in order that it may be distributed among all the creditors. All the shareholders and creditors are interested in proportion to their shares or their claims.</p> <p>(Syllabus by the Court.)</p>