Portland Consolidated Min. Co. v. Rossiter

Citations

• 16 S.D. 633
• 94 N.W. 702
• 1903 S.D. LEXIS 137

Syllabus

<p>Two directors of an insolvent corporation owned two-thirds of certain causes of action against it, all of which were assigned to a third party for the sole purpose of placing the same in judgment. The summons was served on the directors as vice president and secretary, respectively, and a default judgment entered, uhder which all of the corporate property was sold on execution in satisfaction of the judgment, which amounted to less than half the value of the property. Held, that the judgment was fraudulent and void as to other creditors of the corporation.</p>