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Trust Fund Doctrine Revisited, Part Ii, James R. Ellis, Charles L. Sayre
Trust Fund Doctrine Revisited, Part Ii, James R. Ellis, Charles L. Sayre
Washington Law Review
We have chosen the problem of recovery of unpaid subscriptions to illustrate the influence of the trust fund doctrine in our jurisdiction upon actions by creditors against shareholders.
Trust-Fund Doctrine Revisited [Part I], James R. Ellis, Charles L. Sayer
Trust-Fund Doctrine Revisited [Part I], James R. Ellis, Charles L. Sayer
Washington Law Review
The foundation case in Amenca was an action to restore dividends paid out to shareholders by an insolvent bank, but from limited beginnings the trust-fund doctrine expanded to become a major legal weapon for corporate creditors under a wide variety of conditions. In this discussion we propose to treat separately three major aspects of the trust-fund problem: (1) the status of corporate insolvency, which was a condition precedent to the operation of the rule; (2) the rights of creditors against creditors; and (3) the rights of creditors against shareholders. Our analysis will be confined chiefly to the statutory and case …