Slaymaker's Adm'r v. Jaffray & Co.

Citations

• 82 Va. 346
• 4 S.E. 606
• 1886 Va. LEXIS 41

Syllabus

<p>1. Corporations—Dividends—Capital stock—Directors—Diability.— If board of directors of corporation, when it is insolvent, declare a dividend of net profits, the directors concurring in the act, in their individual capacity, are jointly and severally liable to the corporation’s creditors for the amount of the capital stock so divided. Code 1873, ch. 57, sec. 33.</p> <p>2. Idem:—Insolvency—Proof—Case at bar.—The question of the alleged insolvency at date of the dividend is one of fact, and the insolvency must be established by proof. In case at bar it was not proved.</p>