Wagner v. Armsby

This complaint in a derivative stockholder’s action charges that the funds of the corporation were wrongfully *380taken by defendants and disposed of for the. use of defendants in the settlement of other prior stockholders’ actions against them challenging the legality of their acts and seeking to recover damages for alleged losses sustained.

The cause or causes of action arose more than three years prior to the commencement of this suit and subsequent to September 1, 1936, when the Statute of Limitations for waste was changed from six to three years (Civ. Prac. Act, § 49, subd. 7).

The gravamen of…