Legal Opinion
Irving Bank Corp. v. Bank of New York Co.
New York Supreme Court
Decided June 27, 1988PublishedCited by 2 opinions
1Opinion of the Court
OPINION OF THE COURT
Herman Cahn, J.
Irving Bank Corporation (IBC) moves for summary judgment, or in the alternative for a preliminary injunction, to prevent Bank of New York (BNY) from implementing its proposed plan of acquisition of IBC. IBC claims that the plan constitutes a de facto merger, and can only be implemented after approval by two thirds of BNY’s shareholders. BNY seeks dismissal of the complaint on the ground that it fails to state a cause of action. (CPLR 3211 [a] [7].) The facts are not in dispute.
*364THE FACTS
I. The Parties and Their History
IBC and BNY are both bank holding…
2Cases cited8 opinions
- Farris v. Glen Alden Corp.Supreme Court of Pennsylvania · 1958
- Applestein v. United Board & Carton Corp.New Jersey Superior Court Appellate Division · 1960
- Fidanque v. American Maracaibo Co.Court of Chancery of Delaware · 1952
- Rath v. Rath Packing CompanySupreme Court of Iowa · 1965
- Cross Properties, Inc. v. Brook Realty Co.Appellate Division of the Supreme Court of the State of New York · 1971
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3Cited by2 opinions
- Fitzgerald v. Fahnestock & Co.Appellate Division of the Supreme Court of the State of New York · 2001
- Symbax, Inc. v. BingamanAppellate Division of the Supreme Court of the State of New York · 1995