Polhemus v. Polhemus
New York Supreme Court
Suit by a stockholder of a business' corporation against the corporation and its directors to set aside a sale of a printing plant and business by one of the directors to the company, and to require the consideration, paid therefor to be paid back to the company.
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Suit by a stockholder of a business' corporation against the corporation and its directors to set aside a sale of a printing plant and business by one of the directors to the company, and to require the consideration, paid therefor to be paid back to the company. Defendant Horace G. Polhemus owned a printing plant and business, and sold it to the defendant company in April, 1898, for $16,000, taking in payment 16 notes of the company for $1,000' each, payable monthly, and they were paid as they came due. The said Horace G. Polhemus and the other individual defendants were the directors of the…
1Opinion of the Court
Gayhob, J.:
The plaintiff was not required by law to request the delinquent directors to bring a suit in the name of the corporation against themselves to undo their alleged fraudulent breach of trust, and obtain a refund of the money paid, in order to create the right to bring a suit for that purpose herself against them and the corporation on their refusal. I am aware that the contrary was recently decided in Fitchett v. Murphy (46 App. Div. 181) ; but that decision was so obviously contrary to law that it is deemed inadvertent, and not one that bench or bar should heed as authority. The…
2Cases cited8 opinions
- Gamble v. Queens County Water Co.New York Court of Appeals · 1890
- Sage v. . CulverNew York Court of Appeals · 1895
- Flynn v. . Brooklyn City R.R. Co.New York Court of Appeals · 1899
- Greaves v. . GougeNew York Court of Appeals · 1877
- Dodge v. . StevensNew York Court of Appeals · 1883
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Polhemus v. PolhemusAppellate Division of the Supreme Court of the State of New York · 1906
- Hine v. LaustererNew York Supreme Court · 1930
- MacGinniss v. Amalgamated Copper Co.New York Supreme Court · 1904
- Bowne v. SmithNew York Supreme Court · 1904