Harris v. Pearsall
New York Supreme Court
Stockholder’s action to recover damages for negligence of defendant directors.
1Opinion of the CourtRodenbeck, J.
This is a representative action brought by the plaintiff as a stockholder against the defendants to recover damages for the State Bank of Williamson on account of the negligence of the, defendants as directors of the bank. Any recovery in the action belongs to the bank to be distributed according to the laws applicable to the conduct of the bank. The purpose of such an action is to avoid the possibility of delinquent - directors escaping responsibility for negligence where the officers in charge of the bank neglect or refuse to prosecute them. It is a wholesome remedy designed to protect…
2Cases cited40 opinions
- Pennoyer v. NeffSupreme Court of the United States · 1878
- Windsor v. McVeighSupreme Court of the United States · 1876
- Reynolds v. StocktonSupreme Court of the United States · 1891
- People Ex Rel. Tweed v. . LiscombNew York Court of Appeals · 1875
- Roberson v. . Rochester Folding Box Co.New York Court of Appeals · 1902
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3Cited by10 opinions
- Hanson Trust PLC v. ML SCM Acquisition Inc.Court of Appeals for the Second Circuit · 1986
- Keenan v. EshlemanSupreme Court of Delaware · 1938
- Liken v. ShafferDistrict Court, N.D. Iowa · 1946
- Otis & Co. v. Pennsylvania R. Co.District Court, E.D. Pennsylvania · 1944
- Eshleman v. KeenanCourt of Chancery of Delaware · 1937
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