Pollitz v. Wabash Railroad
Appellate Division of the Supreme Court of the State of New York
Cross-appeals by the plaintiff, James Pollitz, and the defendants, The Wabash Railroad Company and others, from an interlocutory judgment of the Supreme Court, entered in the office of the clerk of the county of New York on the 24th day of January, 1912, upon the decision of the court, rendered after a trial at the New York Special Term, sustaining the plaintiff’s demurrer as to certain defenses set forth in the answers of certain of the defendants and overruling the…
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Cross-appeals by the plaintiff, James Pollitz, and the defendants, The Wabash Railroad Company and others, from an interlocutory judgment of the Supreme Court, entered in the office of the clerk of the county of New York on the 24th day of January, 1912, upon the decision of the court, rendered after a trial at the New York Special Term, sustaining the plaintiff’s demurrer as to certain defenses set forth in the answers of certain of the defendants and overruling the demurrer as to certain other defenses.
1Opinion of the Court
Dowling, J.:
Plaintiff, a stockholder of the Wabash Railroad Company, suing in its right on behalf of himself and all other stockholders similarly situated, attacks as fraudulent a transaction by which the directors of the company caused to he issued $10,000,000, par value of its common stock, in consideration of the receipt by it of $10,000,000, par value of the common stock of the Pittsburg Terminal Company, claimed to he without value, and which latter company contemporaneously transferred the aforesaid Wabash Railroad stock, with $33,400,000 in par value of its own bonds to the so-called “…
2Cases cited2 opinions
- Memphis & Little Rock Railroad v. DowSupreme Court of the United States · 1887
- Sage v. . CulverNew York Court of Appeals · 1895
3Cited by5 opinions
- Pergament v. FrazerDistrict Court, E.D. Michigan · 1950
- Meredith v. Camp Hill Estates, Inc.Appellate Division of the Supreme Court of the State of New York · 1980
- Harris v. PearsallNew York Supreme Court · 1921
- Pfeiffer v. BerkeNew York Supreme Court · 1953
- Friedman v. Odora Co.Appellate Division of the Supreme Court of the State of New York · 1947