Equitable Life Assurance Society of United States v. Union Pacific Railroad
New York Court of Appeals
Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the first judicial department, entered' May 1, 1914, which affirmed an order of Special Term granting a motion by defendant for judgment in its favor upon the pleadings.
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Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the first judicial department, entered' May 1, 1914, which affirmed an order of Special Term granting a motion by defendant for judgment in its favor upon the pleadings. The following question was certified; “Does the complaint state facts sufficient to constitute a cause of action?” Except as modified by agreement the rights of the preferred and common stockholders are identical and they are entitled to share equally in any distribution by the corporation. (Roberts v. Roberts-Wicks Co., 184 N. Y. 257;…
1Opinion of the CourtHiscock, J.
This action was brought by the plaintiff as the holder of a large amount of the preferred stock issued by defendant to restrain the distribution by the latter of about $80,000,000 as a dividend among its common stockholders. The material facts set forth in the complaint which asks this relief are as follows:
At the times involved the defendant had a large outstanding issue both of preferred and common stock. Prior to January 8, 1914, it had carried to the credit of its profit and loss account large amounts based on valuations which are not questioned, and at that date the credit balance of…
2Cases cited2 opinions
- In Re the Accounting of OsborneNew York Court of Appeals · 1913
- Williams v. . Western Union Telegraph Co.New York Court of Appeals · 1883
3Cited by18 opinions
- In Re the Accounting of BrannNew York Court of Appeals · 1916
- United States Trust Co. v. . HeyeNew York Court of Appeals · 1918
- Randall v. BaileyNew York Court of Appeals · 1942
- Gray v. HemenwayMassachusetts Supreme Judicial Court · 1929
- Gray v. HemenwayMassachusetts Supreme Judicial Court · 1916
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