CHRYSLER CORP. v. FEDDERS CORP.


51 N.Y.2d 953 (1980)

Chrysler Corporation, Respondent, v. Fedders Corporation, Appellant.

Court of Appeals of the State of New York.

Decided November 18, 1980.


Attorney(s) appearing for the Case

Lawrence N. Weiss and John B. Sherman for appellant.

Robert Ehrenbard, William C. Heck, Paul F. Doyle and Harold J. Weissler for respondent.

Chief Judge COOKE and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and MEYER concur.


MEMORANDUM.

The order of the Appellate Division should be affirmed, with costs.

As partial payment for Chrysler's sale to it of the assets of Chrysler's former Airtemp Division, appellant Fedders transferred all of its Series B preferred stock to Chrysler. Fedders's certificate of incorporation requires that it pay dividends on its Series B stock ratably with any dividends...

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