Costello v. Sykes
Supreme Court of Minnesota
Action in the district court for Hennepin county to cancel a sale of bank stock and to recover $1,300. Defendants demurred to the amended complaint on the- ground that it did not state facts sufficient to constitute a cause of action. The demurrer was sustained, Rockwood, J. From the order sustaining the demurrer, plaintiff appealed.
1Opinion of the Court
Lees, C.
Appeal from order sustaining a demurrer to the. complaint on the ground that it failed to state a cause of action. In substance the material allegations are as follows:
The Calhoun State Bank was a Minnesota banking corporation, having, according to its books, a paid-in capital of $35,000, a surplus of $5,250 and undivided profits of $6,000. Respondents were stockholders. The par value of a share of stock was $100. If the bank’s capital was unimpaired and it had the surplus and undivided profits shown by its books, a share of stock was worth at least $136. Respondents sold ten shares…
2Cases cited16 opinions
- Dambmann v. . SchultingNew York Court of Appeals · 1878
- Sherwood v. WalkerMichigan Supreme Court · 1887
- Otis v. Cullum, ReceiverSupreme Court of the United States · 1876
- Hannah v. SteinmanCalifornia Supreme Court · 1911
- Hecht v. BatchellerMassachusetts Supreme Judicial Court · 1888
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3Cited by7 opinions
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- Clayburg v. WhittSupreme Court of Iowa · 1969
- Beasley v. MedinCourt of Appeals of Minnesota · 1992
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