Ventress v. Wallace

Citations

• 111 Miss. 357
• 71 So. 636

Syllabus

<p>1. Equity. Amended pleading. Operation. Banks and banking. Director’s liability. Actions. Descent and distribution. Action against heirs. Limitations. Negligence.</p> <p>Where an amended and supplemental bill, is asked by the pleader “to be taken- as and for an amended and supplemental bill of complaint, and as part of his original bill herein,” and that relief be granted “upon the final hearing of this bill of complaint along with complainant’s original bill herein,” the amended bill in such case was not an abandonment of any of the averments of the original bill, but as indicated by- the language of the amended bill itself ’as supplemental thereto, and both documents together constitute the bill of complaint in the case.</p> <p>2. Banks and Banking. Director’s liability. Actions.</p> <p>A receiver of an insolvent bank is the party primarily privileged and charged with the duty of suing the directors of the bank for their gross negligence in causing the insolvency of the bank, and his right to sue will not be limited or measured by the caption of his bill describing him as “suing herein by order of the court, for the benefit of all creditors of said bank.” ^The question is not what the complainant calls himself but what action he in truth and in fact states.</p> <p>' 3. Banks and Banking. Director’s liability. Action in equity.</p> <p>A suit in equity can be brought by a receiver of an insolvent bank against the directors whose negligence caused the insolvency, to avoid a multiplicity of suits and because an accounting will probably be necessary and because of the fiduciary relations of the parties.</p> <p>4. Descent and Distkibution. Actions against heirs.</p> <p>A suit by the receiver of an insolvent bank cannot be maintained against the heirs of a deceased director for the latter’s gross negligence as director, his remedy if any, being to have an administrator of the director’s estate, appointed.</p> <p>Banks and Banking. Actions against bank directors. Limit