Gallin v. Burdick

Smith, Peter P., J.

The action is in equity by plaintiff, on her own behalf and on behalf of all others similarly situated, as a creditor, holding a guaranteed mortgage participation certificate issued by the moving defendant, to recover for dividends alleged to have been illegally declared and paid.

The moving defendant asserts that the right to sue is exclusively in the Superintendent of Insurance, now acting as rehabilitator for it, and further that plaintiff has commenced this action without leave of court and without alleging previous demand that the Superintendent commence such an action…