Jordan v. Hartness

The plaintiff does not allege a loss peculiar to himself. Bane v. Powell, 192 N.C. 387, 135 S.E. 118. The alleged wrong caused loss to stockholders and creditors generally. Douglass v. Dawson, 190 N.C. 458. Thus he has failed to allege a cause of action resting in him which he may enforce of his own right. Bane v. Powell, supra.

A cause of action for the conversion or dissipation of corporate assets rests in the corporation and must be enforced by the corporation. Ordinarily, in the absence of demand upon the corporation to prosecute the action and its wrongful refusal so to do, the action may…