Birkmire v. Campus Realty Corp.

The action upon which the judgment appealed from is founded is called derivative, that is, it is not plaintiff’s wrong that is to be redressed but that of the corporate body. That entity, however, has no complaint that it can assert because the unanimous consent of its stockholders and the continued course of the conduct of its affairs pursuant to the family arrangement negative the idea that these directors were guilty of misappropriating or misapplying the corporate property or funds. The plaintiff’s remedy is not a recovery of funds in behalf of the company and a distribution of part…