Metropolitan Elevated Railway Co. v. Kneeland
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made June 24,1887, which affirmed a judgment in favor of defendants entered upon an order sustaining a demurrer to the complaint herein.
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Appeal from judgment of the General Term of the Supreme Court in the first judicial department, entered upon an order made June 24,1887, which affirmed a judgment in favor of defendants entered upon an order sustaining a demurrer to the complaint herein. Aside from certain facts alleged by way of inducement, the substantial allegations of the complaint herein are that from the 8th of November, 1882, until in August, 1884, the defend* ant Kneeland was a stockholder, director and the president of the plaintiff, a railroad corporation, organized under the laws of this state; that as president he…
1Opinion of the Court
Vann, J..
This is an action against the directors of a corporation for fraudulently issuing and negotiating promissory notes in its name, which, on reaching the hands of bona fide purchasers for value, became legal obligations against the company. The substantial question presented by the demurrer is, whether such an action can be maintained upon an allegation of liability to pay without an allegation either of payment or of actual loss. In an action for the conversion of a promissory note by wrongfully negotiating it to a bona fide holder for value, the maker need neither allege nor prove…
2Cases cited8 opinions
- Butts v. . WoodNew York Court of Appeals · 1867
- Comstock v. . HierNew York Court of Appeals · 1878
- Decker v. . MathewsNew York Court of Appeals · 1855
- Thayer v. . ManleyNew York Court of Appeals · 1878
- Holder v. Lafayette, Bloomington & Mississippi Ry. Co.Illinois Supreme Court · 1873
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3Cited by40 opinions
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- The Ltd., Inc. v. McCrory Corp.District Court, S.D. New York · 1988
- Godley v. . Crandall Godley Co.New York Court of Appeals · 1914
- Phelps Dodge Refining Corp. v. Federal Trade CommissionCourt of Appeals for the Second Circuit · 1943
- Kean v. National City BankCourt of Appeals for the Sixth Circuit · 1923
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