Adolf Gobel, Inc. v. Hammerslough

This action was commenced in February, 1941, by plaintiff, a stock corporation, against some of its former officers and directors, as well as against members of certain banking firms. In the prayer for relief plaintiff asks to rescind two transactions occurring in 1928 and 1929 involving the exchange of plaintiff’s stock for the stock of two other companies, and for an accounting.

The defendants-appellants, who are the officers and directors sued, moved to dismiss the complaint on the ground that the causes of action pleaded were barred by the Statute of Limitations.

It is conceded by both…