Legal Opinion
In re Kane
New York Court of Appeals
Decided April 5, 1990PublishedCited by 19 opinions
1Opinion of the Court
*513OPINION OF THE COURT
Bellacosa, J.
The issue is whether a court-appointed receiver, as part of an over-all settlement between two litigating shareholders of a close corporation, can privately negotiate a fee without court approval in an amount exceeding the scheduled máximums fixed by section 1217 of the Business Corporation Law. Our answer is no.
Alan Kane and Harold Freedman were each 50% shareholders of S.A.E. Motor Parts Co., Inc., a successful wholesale business with sales in excess of $1 million annually. Differences between the shareholders led to Kane’s action in January 1984 to dissolve…
2Cases cited12 opinions
- Meinhard v. SalmonNew York Court of Appeals · 1928
- Birnbaum v. BirnbaumNew York Court of Appeals · 1989
- Hudson v. Yonkers Fruit Co.New York Court of Appeals · 1932
- Copeland v. SalomonNew York Court of Appeals · 1982
- United States Trust Co. v. New York West Shore & Buffalo Railway Co.New York Court of Appeals · 1886
7 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Jakubowicz v. A.C. Green Electrical Contractors, Inc.Appellate Division of the Supreme Court of the State of New York · 2005
- Friesch-Groningsche Hypotheekbank Realty Credit Corp. v. SemerjianAppellate Division of the Supreme Court of the State of New York · 1996
- Goldman v. BernardiniAppellate Division of the Supreme Court of the State of New York · 1998
- Coronet Capital Co. v. SpodekAppellate Division of the Supreme Court of the State of New York · 2001
- Miller v. NoonanAppellate Terms of the Supreme Court of New York · 2011
14 more not listed; retrieve them via the Exa API.