Young v. Equitable Life Assurance Society of United States
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, James H. Hyde, from an interlocutory judgment of the Supreme Court in favor of the plaintiff, entered ip the office of the clerk of the county of Saratoga on the 26th day of January, 1906, upon the decision of .the court, rendered after a trial at the Saratoga Special Term, overruling the said defendant’s demurrer to the complaint.
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Appeal by the defendant, James H. Hyde, from an interlocutory judgment of the Supreme Court in favor of the plaintiff, entered ip the office of the clerk of the county of Saratoga on the 26th day of January, 1906, upon the decision of .the court, rendered after a trial at the Saratoga Special Term, overruling the said defendant’s demurrer to the complaint. The plaintiff, a stockholder and policyholder of the Equitable Life Assurance Society of the United States, brings this action against the directors of said society, all of whom have been serving during the last three years, and against…
1Opinion of the Court
Kellogg, J.:
The point raised by the. demurrer that the plaintiff is asserting one cause of action as a stockholder and another as a policyholder is not well taken. The cause of action belongs to the society and not to her, but because the society cannot or will not assert its rights, she, ab an interested party, appeals to the court in its behalf. In order to *762maintain the action she is required to show an interest which is suffering or is imperiled by the wasteful acts of the defendant directors, and she may show all her interest and is not required to divide it and assert but one-half of it.…
2Cases cited1 opinion
- O'Connor v. . Virginia Passenger Power Co.New York Court of Appeals · 1906
3Cited by12 opinions
- People v. Equitable Life Assurance Society of United StatesAppellate Division of the Supreme Court of the State of New York · 1908
- Whalen v. StrongAppellate Division of the Supreme Court of the State of New York · 1930
- In Re Metropolitan Life Derivative LitigationDistrict Court, S.D. New York · 1996
- Broderick v. MarcusNew York Supreme Court · 1933
- Russell v. Washington Life InsuranceNew York Supreme Court · 1909
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