HUGHES v. REED

No. 291.

46 F.2d 435 (1931)

HUGHES v. REED et al.

Circuit Court of Appeals, Tenth Circuit.

January 8, 1931


Attorney(s) appearing for the Case

E. B. Stroud, Jr., of Dallas, Tex., and Robert B. Keenan, of Tulsa, Okl. (Locke, Locke, Stroud & Randolph, of Dallas, Tex., on the brief), for appellant.

A. J. Biddison and Joseph L. Hull, both of Tulsa, Okl. (Harry Campbell, Valjean Biddison, John H. Cantrell, Preston C. West, N. A. Gibson, A. A. Davidson, and West, Gibson, Sherman, Davidson & Hull, all of Tulsa, Okl., on the brief), for appellees.

Before PHILLIPS and McDERMOTT, Circuit Judges, and POLLOCK, District Judge.


McDERMOTT, Circuit Judge.

This is an action in equity by the receiver of the First National Bank of Sapulpa against its former directors to recover losses alleged to have been incurred by the bank. Two general claims are made: First, that the directors knowingly and intentionally permitted the officers of the bank to make loans in excess of 10 per cent. of the unimpaired capital and surplus of the bank, prohibited by section 5200 of the Revised Statutes as amended...

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