TELSEY v. JABIL REALTY CO., INC.


283 A.D. 949 (1954)

Denis Telsey, as Administrator of The Estate of Joseph Telsey, Deceased, on Behalf of Said Estate, and All Other Stockholders of Jabil Realty Co., Inc., Similarly Situated, Appellant, v. Jabil Realty Co., Inc., et al., Respondents

Appellate Division of the Supreme Court of the State of New York, Second Department.

May 3, 1954.


Judgment unanimously affirmed, with costs.

Plaintiff complained that the individual defendants, as officers and directors of the defendant corporation, had paid to themselves, out of corporate assets, debts due to them, which were outlawed by the Statute of Limitations. The record discloses that the debts were honestly due and that although no payment had been made on the indebtedness due the defendant Jacob Telsey, from 1940 until 1949, a payment was made in the...

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