REID v. LONG ISLAND BOND & MTGE. GUAR. CO.


198 Misc. 460 (1949)

Clifford W. Reid et al., as Executors and Trustees under The Will of William C. Reid, Deceased, Suing on Behalf of Themselves and All Other Stockholders of Long Island Bond and Mortgage Guarantee Company, Similarly Situated, Plaintiffs, v. Long Island Bond and Mortgage Guarantee Company et al., Defendants.

Supreme Court, Special Term, Queens County.

November 15, 1949.


Attorney(s) appearing for the Case

Abberley, Bryde, Kooiman, MacFall & Amon for defendants.

Roberts, Austin, Muller & McCook for plaintiffs.


COLDEN, J.

The defendants challenge the sufficiency of plaintiffs' complaint in a stockholders' derivative action which seeks judgment to compel the distribution by the Long Island Bond and Mortgage Guarantee Company of about $500,000 of accumulated surplus and undivided profits.

Assuming, as we must upon a motion of this character, the truth of the ultimate allegations of fact pleaded in the complaint...

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