Kelly Asphalt Block Co. v. Brooklyn Alcatraz Asphalt Co.
New York Court of Appeals
Appeal from a judgment, entered April 13,1920, upon an order of the Appellate Division of the Supreme Court in the second judicial department, reversing a judgment in favor of plaintiff entered upon the report of a referee and directing a dismissal of the complaint.
1Opinion of the CourtCrane, J.
The plaintiff and the defendant are domestic corporations of which William Kelly was president. In the plaintiff corporation, William Kelly, Daniel J. McCoy, Thomas Monahan and Edward F. Monahan were the holders respectively of 207, 207, 205 and 205 shares of its principal capital stock which was all the stock issued. Of the capital stock of the defendant corporation the said Kelly, its president, owned 98% thereof. In May of 1914 the plaintiff received a check for the sum of $41,092.93, the net proceeds of a suit brought by it against the Barbour Asphalt Paving Company. By resolution the…
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