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IN RE BURNET-CLARK, LIMITED

No. 173.

56 F.2d 744 (1932)

In re BURNET-CLARK, Limited. IRVING TRUST CO. v. MAXWELL et al.

Circuit Court of Appeals, Second Circuit.

March 14, 1932.

Attorney(s) appearing for the Case

Leonard & Walker, of New York City (Walter B. Walker and Thomas G. Prioleau, both of New York City, of counsel), for defendant-appellant Geo. L. Maxwell.

Edwin A. Falk, of New York City (Irving Steinman, of New York City, of counsel), for plaintiff-appellee Irving Trust Co. as trustee in bankruptcy for Burnet-Clark, limited, bankrupt.

Before MANTON, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

MANTON, Circuit Judge.

The appellee is the trustee in bankruptcy of Burnet-Clark, Limited, a Maryland corporation, and sued its three directors, one of whom is appellant, to recover funds paid out of capital for the purchase of stock of the corporation. The basis of the suit rests on sections 664 and 667 of the New York Penal Law (Consol. Laws N. Y. c. 40), sections 58 and 114 of the Stock Corporation Law (Consol. Laws N. Y. c. 59), and section 60 of the General Corporation...

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