Legal Opinion
Ragsdale v. New England Land & Development Corp.
Supreme Court of Georgia
Decided November 16, 1982No. 39045PublishedCited by 9 opinions
1Opinion of the Court
Clarke, Justice.
This case presents two questions. First, is a shareholder’s derivative action a remedy which is available to a person appointed as trustee for a bankrupt shareholder? Secondly, may a trustee in bankruptcy utilize a shareholder’s derivative action in an attempt to set aside a corporate transaction when his bankrupt has ratified the transaction?
We answer the first question in the negative and therefore do not reach the second question.
Ragsdale is the trustee in bankruptcy for James D. Mason, having been appointed after Mason was adjudicated a bankrupt in 1981. In 1972, Mason,…
2Cases cited1 opinion
- Pickett v. PaineSupreme Court of Georgia · 1973
3Cited by9 opinions
- In Re: Koreag, Controle Et Revision S.A.Court of Appeals for the Second Circuit · 1992
- Christensen v. StateCourt of Appeals of Georgia · 1995
- Koreag, Controle et Revision S.A. v. Refco F/X Associates, Inc.Court of Appeals for the Second Circuit · 1992
- James B. Beam Distilling Co. v. StateSupreme Court of Georgia · 1993
- Leventhal v. Post Properties, Inc.Court of Appeals of Georgia · 2005
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