Bliven v. Peru Steel & Iron Co.
New York Supreme Court
This is a motion to vacate a final decree in the above entitled action. After the entry of the final decree, Charles Blitn, the plaintiff, died. The petitioners pray that his persons reprer .sentatives be brought in as parties plaintiff, or the alion be ¡revived if necessary. The defendant is a manufacturing corporation, organized under the act of 1848 of this state.
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This is a motion to vacate a final decree in the above entitled action. After the entry of the final decree, Charles Blitn, the plaintiff, died. The petitioners pray that his persons reprer .sentatives be brought in as parties plaintiff, or the alion be ¡revived if necessary. The defendant is a manufacturing corporation, organized under the act of 1848 of this state. About January 17, 1879, Charles Bliven, the plaintiff, then being the president of said corporation, commenced this action on behalf, as recited in the complaint, of himself and all other stockholders, trustees or officers of the…
1Opinion of the CourtBarrett, J.
It seems to me to be very clear that this application should be granted. Neither a stockholder nor a creditor had a right thus virtually to dissolve the coiporation. It is well settled that such a decree is not warranted by the general or inherent powers of a court of - equity. The statute is the sole guide in such matters.
The plaintiff Bliven filed his bill as a stockholder, although it is averred that he was a creditor as well. As a stockholder he was not entitled to a decree winding up the affairs of the corporation, and for that purpose appointing a permanent *283receiver (Howe agt. Deuel, 43…
2Cases cited2 opinions
- Verplanck v. Mercantile InsuranceNew York Court of Chancery · 1831
- Galwey v. United States Steam Sugar Refining Co.New York Supreme Court · 1861
3Cited by3 opinions
- Swords v. Northern Light Oil Co.New York Supreme Court · 1885
- In re Atlas Iron Construction Co.The Superior Court of the City of New York and Buffalo · 1895
- In re Atlas Iron Construction Co.The Superior Court of New York City · 1895