Grant v. Gosnell

Rhodes, Justice:

This is a derivative action instituted by a stockholder of the First State National Bank (FSNB), a national banking association doing business in Aiken and Saluda Counties, based on allegations of fraud and mismanagement in connection with the operation of FSNB. Two of the ten named defendants in the complaint objected to the jurisdiction of the lower court on the ground that plaintiff-stockholder, Irby Grant, did not have the right to bring the action based on the contention that the complaint failed to show that an effort for redress within FSNB would have been unavailing.…