Pierson v. Morgan
New York Supreme Court
Trial by the court. Henry R. Pierson, as receiver of the Widows’ and Orphans’ Benefit Life Insurance Association, brought this action against A. W. Morgan and fourteen others.
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Trial by the court. Henry R. Pierson, as receiver of the Widows’ and Orphans’ Benefit Life Insurance Association, brought this action against A. W. Morgan and fourteen others. The complaint alleged plaintiff’s receivership ; the incorporation of the company of which .he was receiver, and of another company designated “ The Mutual Protection Life Assurance Society”; it set forth the charter and bylaws of the first named company, and a list of the directors and officers of each; alleged that the company of which plaintiff was receiver had been prosperous and successful, but a majority of its…
1Opinion of the CourtPatterson, J.
My first impression was that this case is one in which a full and perfect remédy could have been had 1 at law, and in which rights could not be changed simply by a change of forum, and hence the.six jmars bar of the statute of limitations applied. But in Brinckerhoff v. Bostwick (99 N. Y. 185) it was decided that a cause of action, similar in principle to this, is one in equity to which the ten years’ limitation applies. The substantial allegations were there, as here, fraud or gross negligence, and misconduct amounting to fraud of directors, and the remedy asked for was damages. The emphatic…
2Cases cited23 opinions
- Robinson v. SmithNew York Court of Chancery · 1831
- Brinckerhoff v. . BostwickNew York Court of Appeals · 1885
- Hun v. . CaryNew York Court of Appeals · 1880
- Greaves v. . GougeNew York Court of Appeals · 1877
- Hallett & Davis v. HallettNew York Court of Chancery · 1829
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3Cited by3 opinions
- Chance v. Guaranty Trust Co.New York Supreme Court · 1937
- Mason v. HenryNew York Supreme Court · 1895
- Winkler v. SummersNew York Supreme Court · 1888