Watson v. Harlem & New York Navigation Co.
New York Supreme Court
This action was brought by the plaintiff, a stockholder in The Harlem and New York navigation Company, to cancel and annul a certain agreement entered into between the defendants, for the purpose of running the boats of their respective lines, for joint or mutual benefit and account, and to prevent The Harlem and New York navigation Company from parting with or surrendering any of its leases and franchises as provided in said agreement.
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This action was brought by the plaintiff, a stockholder in The Harlem and New York navigation Company, to cancel and annul a certain agreement entered into between the defendants, for the purpose of running the boats of their respective lines, for joint or mutual benefit and account, and to prevent The Harlem and New York navigation Company from parting with or surrendering any of its leases and franchises as provided in said agreement. The complaint alleged the solvency of The Harlem and New York navigation Company, and the insolvency of The Morrisania Steamboat Company; the greater value of…
1Opinion of the CourtLawrence, J.
— The twenty-second section of the act entitled “ An act for the incorporation of companies formed to navigate the lakes and rivers,” passed April 15, 1854, provides that “ no such company shall combine with any other company formed under this act for any purpose, or shall purchase, own or hold, or be interested in any stock or property of any other such company, unless the same shall have been *350bona fide pledged, hypothecated, or transferred to such company by way of security for or in satisfaction or part satisfaction of a debt or debts previously contracted in the course of the transaction…
2Cases cited2 opinions
- American Life Insurance and Trust Company v. Van EpsNew York Court of Appeals · 1874
- Greaves v. GougeNew York Supreme Court · 1875
3Cited by5 opinions
- People v. North River Sugar Refining Co.New York Supreme Court · 1889
- Sultan v. Star Co.New York Supreme Court · 1919
- De Witt Wire-Cloth Co. v. New Jersey Wire-Cloth Co.New York Court of Common Pleas · 1891
- Judd v. HarringtonNew York Court of Common Pleas · 1892
- Delavan v. New York, New Heaven & Hartford RailroadAppellate Division of the Supreme Court of the State of New York · 1912