193 F. 989 | 2d Cir. | 1912
We think they should be permitted to do so for the following reasons :
“We do not dispute, as stated by Judge Holt in the opinion, that the claim which is attempted to be proved in this case is entirely just.”
He and his brother directors, nine in all, put $22,500 into the brewing company’s treasury, and are as much entitled to reimbursement as if each had contributed $2,500 in cash. Nothing but a clear case of laches should defeat so just a claim.
Second. Meyer was clearly the representative of the other eight directors, employed by them to do all that was necessary to protect their rights. He was, in fact, their trustee, authorized to file a proof of debt and to take any other steps necessary to protect the rights of himself and his fellow indorsers.
We have no doubt that Meyer was the agent and trustee of the other directors and was authorized by them to do' all that it was necessary for him to do to protect their interests. All the equities being in favor of the claim, the court should hesitate long before interpreting the law so strictly as to prevent it from being enforced according to its true intent and purpose.
The order of the District Court is affirmed with costs.