Hiscock v. Lacy
New York Supreme Court
Action against the Third National Bank of Syracuse and its directors, by certain of its stockholders, to compel the payment of a dividend out of its surplus earnings, upon the ground that the declaration of dividends was, five years ago, suddenly suspended by the present management, in bad faith, for the purpose, not only of oppressing an obnoxious minority once in control, but at the same time of obtaining an indirect pecuniary advantage to the largest stockholder and his…
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Action against the Third National Bank of Syracuse and its directors, by certain of its stockholders, to compel the payment of a dividend out of its surplus earnings, upon the ground that the declaration of dividends was, five years ago, suddenly suspended by the present management, in bad faith, for the purpose, not only of oppressing an obnoxious minority once in control, but at the same time of obtaining an indirect pecuniary advantage to the largest stockholder and his friends, by way of excessive salaries and liberal loans.
1Opinion of the CourtVann, J.
The Third National Bank of Syracuse', one of the defendants, is a national banking association organized many years ago under the Federal Banking Act, and the *579other defendants are its directors, Mr. Henry Lacy being also its president. The plaintiffs are stockholders, holding 1,243 shares of stock, worth at par the sum of $124,300. The largest stockholder among the plaintiffs is Senator Hiscock, who owns and controls 914 shares, while the largest stockholder among the defendants is Mr. Lacy, who holds in his own name 1,782 shares, and as executor of the estate of Lucius Gleason, deceased, 474…
2Cases cited23 opinions
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- Wardell v. Railroad Co.Supreme Court of the United States · 1881
- Miner v. Belle Isle Ice Co.Michigan Supreme Court · 1893
- People v. . BallardNew York Court of Appeals · 1892
- Williams v. . Western Union Telegraph Co.New York Court of Appeals · 1883
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3Cited by21 opinions
- Williams v. Green Bay & Western RailroadSupreme Court of the United States · 1946
- Bosworth v. . AllenNew York Court of Appeals · 1901
- Gordon v. EllimanNew York Court of Appeals · 1954
- Farmers' Loan & Trust Co. v. PiersonNew York Supreme Court · 1927
- North v. Union Savings & Loan Ass'nOregon Supreme Court · 1911
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