North v. Union Savings & Loan Ass'n
Oregon Supreme Court
From Multnomah: Robert G. Morrow, Judge. Statement by Mr. Justice McBride. This is a suit by Mattie A. North, C. I. Scoffins, H. E. Miller, Richard M. Scott, John T. Anderson, Louis Trummer, Barthold Buchele, John Carey, R. A. Carter, L. E. Anderson, W. A. Robb, Jessie A. Sine and Arnold Sine as stockholders of the Union Savings & Loan Association, against the Union Savings & Loan Association, a corporation, Moses Billings, L. D. McArdle, F. O. Downing, E. A. Baldwin, C. W.…
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From Multnomah: Robert G. Morrow, Judge. Statement by Mr. Justice McBride. This is a suit by Mattie A. North, C. I. Scoffins, H. E. Miller, Richard M. Scott, John T. Anderson, Louis Trummer, Barthold Buchele, John Carey, R. A. Carter, L. E. Anderson, W. A. Robb, Jessie A. Sine and Arnold Sine as stockholders of the Union Savings & Loan Association, against the Union Savings & Loan Association, a corporation, Moses Billings, L. D. McArdle, F. O. Downing, E. A. Baldwin, C. W. Miller, E. E. Miller, F. W. Sheffield, and the Co-operative Investment Company, a corporation, to compel the defendants…
1Opinion of the CourtJustice McBride
1. We are of the opinion that the court below erred in holding that the complaint failed to state a cause of suit. As a general rule, a stockholder in a corporation is not allowed to sue to prevent misappropriation of corporate securities without first requesting the board of directors, and, in case of their refusal to act, then stockholders to proceed against the wrongdoers in the name of the corporation: Hawes v. Oakland, 104 U. S. 450 (26 L. Ed. 827); Brewer v. Boston Theater, 104 Mass. 378; Foss v. Harbottle, 2 Hare, 461. But the rule above announced has its exceptions, and one of these…
2Cases cited8 opinions
- Hawes v. OaklandSupreme Court of the United States · 1882
- Brewer v. Proprietors of the Boston TheatreMassachusetts Supreme Judicial Court · 1870
- Forrester v. Boston & Montana Consolidated Copper & Silver Mining Co.Montana Supreme Court · 1898
- Montgomery Light Co. v. LaheySupreme Court of Alabama · 1898
- Stewart v. Erie & Western Transportation Co.Supreme Court of Minnesota · 1871
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3Cited by15 opinions
- Baillie v. Columbia Gold Mining Co.Oregon Supreme Court · 1917
- Jansen v. TylerOregon Supreme Court · 1935
- State Ex Rel. Bettman v. Court of Common PleasOhio Supreme Court · 1931
- Lidfors v. PflaumOregon Supreme Court · 1925
- Siverson v. ClantonOregon Supreme Court · 1918
10 more not listed; retrieve them via the Exa API.