William T. Gilbert, as Receiver of Commercial Alliance Life Insurance Company, Respondent v. Edward L. Finch Et…

Summary

The New York Court of Appeals affirmed the Appellate Division, holding that the directors' ultra vires transaction was a waste of corporate funds making them liable, that the release to the Maine incorporators containing a reservation of rights was a covenant not to sue and did not discharge the defendants, and that the release to Miller was a complete defense for him and the other defendants.