Snyder Electric Co. v. Fleming

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that, when a corporation becomes insolvent, its officers and directors become fiduciaries of corporate assets for the benefit of creditors
• noting that total equity consists of “stated capital plus shareholder loans plus retained earnings”
• finding corporations under common control of same officers and directors regarded with skepticism by courts and closely scrutinized
• rebutting presumption of lack of consideration arising from transaction between officer of corporation and corporation
• on claim that conveyances were made without fair consideration, the onus of proof was not on creditor alone
• “This was a closed corporation and the fact the other two directors Fleming’s wife and his attorney had a passive role is not inconsistent with this kind of corporation.”

Source: CourtListener parenthetical corpus (CC0).