Chase v. Vanderbilt
The Superior Court of New York City
Appeal by plaintiff from an order sustaining a demurrer to a complaint. The complaint alleges that the Michigan Southern & Northern Indiana "‘Railroad Company, a corporation created under the laws of Michigan, Ohio, Indiana and Illinois, issued certain stock evidenced by certificates in the following form: “The Michigan Southern & Northern Indiana Railroad Company. “No. [Vignette.] Shares. “Guaranteed Ten Per Cent. Stock.
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Appeal by plaintiff from an order sustaining a demurrer to a complaint. The complaint alleges that the Michigan Southern & Northern Indiana "‘Railroad Company, a corporation created under the laws of Michigan, Ohio, Indiana and Illinois, issued certain stock evidenced by certificates in the following form: “The Michigan Southern & Northern Indiana Railroad Company. “No. [Vignette.] Shares. “Guaranteed Ten Per Cent. Stock. “This is to certify that F. A. Chase is entitled to fifty shares of one hundred dollars each in the guaran-; teed capital stock of the Michigan Southern & Northern Indiana…
1Opinion of the Court
By the Court.—Speib, J.
The plaintiff’s counsel contend that the contract between the parties, as set forth in his complaint, was for ah absolute payment of the dividends specified at the time fixed, without regard to the question of “net earnings.” He claims that this contract between the plaintiff and the original corporation—the Michigan Southern & Northern Indiana Railroad Co.—is evidenced—
By the resolution of the stockholders, passed, at their annual meeting, in 1857.
By the resolution of the directors, immediately thereafter.
By the report of the directors to the stockholders, of May 6,…
2Cases cited3 opinions
- Mutual Benefit Life Insurance v. Board of SupervisorsNew York Court of Appeals · 1866
- Whitehead v. Buffalo & Lake Huron Railway Co.New York Supreme Court · 1859
- Prouty v. . Lake S. and Mich. S.R. Co.New York Court of Appeals · 1873