Opinion

Aalwyn's Law Institute v. Martin

  • 173 Cal. 21
  • 159 P. 158
  • 1916 Cal. LEXIS 353
Court
California Supreme Court
Filed
Jul 1, 1916
Status
Published
Author
Sloss
On the bench
Shaw, Melvin, Sloss
Cited by
22 cases
Authority
More cited than 35.1%

The opinion

SLOSS, J., Concurring.

I concur in the judgment. The complaint, read as a whole, shows that the only defendant asserting an interest in the property is the Ocean Shore Rail

*27

road Company. No cause of action is therefore alleged against any other defendant.

As against the Ocean Shore Railroad Company, the complaint alleges that it claims title under an unauthorized or fraudulent transfer from the trustees of the Ocean Shore Railway Company. The plaintiff, as a stockholder of the latter corporation, seeks to avoid this transfer. But the complaint shows, affirmatively, that the Ocean Shore Railway Company had been dissolved before plaintiff’s connection with it began. It is not alleged that plaintiff was a stockholder of record, and in view of the

status

of the corporation when plaintiff acquired its interest, it could not have become such. (2 Cook on Corporations, 6th ed., sec. 641;

Muir

v.

Citizens’ Nat. Bk.,

39 Wash. 57 , [ 80 Pac. 1007 ].) Only a stockholder of record can maintain an action like the one here sought to be stated.

(Brown

v.

Duluth M. & N. R. Co.,

53 Fed. 889 ;

Hodge

v.

United States Steel Corp.,

64 N. J. Eq. 90, [ 53 Atl. 601 ].) The demurrer of the Ocean Shore Railroad Company, also, was therefore properly sustained.

Lawlor, J., and Angellotti, C. J., concurred.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.

A word about cookies

We need a few to keep you signed in and the library working. The rest help us see which pages people use and where they get stuck. They stay off unless you say yes.