Walker v. Reister - 102 U.S. 467 (1880)
U.S. Supreme Court
Walker v. Reister, 102 U.S. 467 (1880)
Walker v. Reister
102 U.S. 467
A bill, filed by the assignee in bankruptcy of an insurance company against its former officers and directors, alleges that they had divided among themselves and friends certain bonds belonging to it, and prays for an accounting and relief. It appears from the proofs that the bonds were never the property of the company, but were, without consideration, borrowed by some of its officers for the fraudulent purposes of exhibiting them as part of its assets to the official examiners, thus furnishing evidence of its sound condition, and were afterwards returned, according to agreement, to their real owners. Held that the bill was properly dismissed.