Waters v. Disbrow & Co.

BOOTH, Circuit Judge.

This is an appeal by plaintiffs from a decree in a stockholders’ suit, brought on account of certain alleged ultra vires transactions on the part of the corporation, M. A. Disbrow & Company.

At the outset we are met with the question of jurisdiction. It is conceded that there is diversity of citizenship between the plaintiffs and the defendants as named in the bill, the former being citizens of Iowa and the latter citizens of Nebraska; but it is contended that the allegations in the bill show that a corporation, M. A. Disbrow & Company, a citizen of Iowa, is a neeessary…