White v. Phillips

The complaint in this derivative stockholders ’ suit is challenged on this motion as insufficient on the ground, among others, of noncompliance with section 61 of the General Corporation Law in that plaintiffs, at- the time of the original wrong complained of, were not stockholders, which is the fact.

Plaintiffs first contend, however, that the alleged wrong (assumption and payment by -the corporation of an indebtedness for which it was not obligated). is a continuing wrong to the present in that defendants thereafter failed to take steps to collect the amounts thus claimed to have been…