Sanders v. Cuba Railroad Co.

The opinion of the court was delivered by

Jacobs, J.

In the Chancery Division the parties made cross-motions for summary judgment; the defendant’s motion was granted and the plaintiffs’ motion was denied. The plaintiffs appealed to the Appellate Division and we certified under R. R. 1:10-1 (a).

The plaintiffs (excluding Joseph P. Sanders who has disposed of his stockholdings) are the holders of 750 shares of the 6% non-cumulative preferred stock of the defendant The Cuba Railroad Companj1, a New Jersey corporation. The company has outstanding 100,000 shares of the preferred stock and 700,000…