Coane v. American Distilling Co.
New York Court of Appeals
I. The 1944 amendment to section 61 of the General Corporation Law has no retroactive application to actions instituted prior to its enactment and therefore the judgment of the lower court dismissing the plaintiffs’ derivative action instituted two years prior to the enactment of the amendment was erroneous.
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I. The 1944 amendment to section 61 of the General Corporation Law has no retroactive application to actions instituted prior to its enactment and therefore the judgment of the lower court dismissing the plaintiffs’ derivative action instituted two years prior to the enactment of the amendment was erroneous. (Shielcrawt v. Moffett, 294 N. Y. 180, 294 N. Y. 840; Hastings v. Byllesby & Go. [Granberry], 293 N. Y. 413; Matter of Berkovitz v. Arbib & Honlberg, 230 N. Y. 261; People v, Cohen, 245 N. Y. 419; Jacobus v. Colgate, 217 N. Y. 235; Lewittes & Sons, Inc., v. Perlow, 254 App. Div. 94;…
1Opinion of the CourtFuld, J.
Plaintiffs in 1942 brought two separate derivative stockholders’ suits on behalf of American Distilling Company, charging defendants with numerous acts of misuse, diversion and misappropriation of corporate assets and opportunities. For convenience, we differentiate the two suits by using the name of an individual defendant in each, and referring to one as the “ Brown ” action and to the other as the “ Sis-kind ” suit. In each action, defendants, by appropriate motion, sought dismissal of the complaint: in the Brown litigation, upon the ground that, since the transactions complained of…
2Cases cited9 opinions
- Beatty v. . Guggenheim Exploration Co.New York Court of Appeals · 1919
- Matter of Berkovitz v. . Arbib HoulbergNew York Court of Appeals · 1921
- Shielcrawt v. MoffettNew York Court of Appeals · 1945
- United States v. DunnSupreme Court of the United States · 1925
- Turner v. American Metal Co.Appellate Division of the Supreme Court of the State of New York · 1944
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3Cited by23 opinions
- Longines-Wittnauer Watch Co. v. Barnes & Reinecke, Inc.New York Court of Appeals · 1965
- Simonson v. International BankNew York Court of Appeals · 1964
- State v. WolowitzAppellate Division of the Supreme Court of the State of New York · 1983
- Dickinson v. BurnhamCourt of Appeals for the Second Circuit · 1952
- Saylor v. LindsleyDistrict Court, S.D. New York · 1969
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