Charles E. Patterson, as Receiver v. Daniel Robinson, Respondents

Summary

The Court affirmed the judgment that the trustees of the Schaghticoke Woolen Mill were not liable for the bank's indebtedness exceeding the corporation's capital stock, holding that the contract was authorized by the boards and that the trustees did not assent to the pre‑May 1 1875 debt nor to the post‑May 1 1875 commercial paper as an existing liability.