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MATAWAN BANK v. MATAWAN TILE CO.

2 N.J. 116 (1949)

65 A.2d 729

THE MATAWAN BANK, PLAINTIFF-RESPONDENT, v. THE MATAWAN TILE CO. ET AL., DEFENDANTS-APPELLANTS.

The Supreme Court of New Jersey.

Decided April 25, 1949.

Attorney(s) appearing for the Case

Mr. John E. Toolan (Mr. John E. Toolan, attorney for the appellant Karl Mathiasen; Mr. Lester C. Leonard, attorney for the appellants Alfred Mathiasen et al.) argued the cause for the appellants.

Mr. Jacob Steinbach, Jr., argued the cause for the respondent The Farmers and Merchants National Bank.

Mr. Ralph S. Heuser (Messrs. Heuser & Heuser, attorneys) argued the cause for the respondent The Matawan Bank.

The opinion of the court was delivered by VANDERBILT, C.J.

The present appeal arises out of a decree of the former Court of Chancery surcharging the former directors of the defendant, The Matawan Tile Company, as a result of their administration of the affairs of the corporation during its voluntary dissolution.

The Matawan Tile Company was incorporated in 1902 for the purpose of engaging in the manufacture and sale of floor tile. Over the years it acquired...

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