RAGSDALE v. NEW ENGLAND LAND &c. CORP.

39045.

250 Ga. 233 (1982)

297 S.E.2d 31

RAGSDALE v. NEW ENGLAND LAND & DEVELOPMENT CORPORATION et al.

Supreme Court of Georgia.

Decided November 16, 1982.


Attorney(s) appearing for the Case

Ragsdale, Beals, Hooper & Seigler, Peter S. Wynkoop, John W. Ragsdale, Jr., for appellant.

Cotton, White & Palmer, Stacey W. Cotton, J. Michael Lamberth, for appellees.


CLARKE, Justice.

This case presents two questions. First, is a shareholder's derivative action a remedy which is available to a person appointed as trustee for a bankrupt shareholder? Secondly, may a trustee in bankruptcy utilize a shareholder's derivative action in an attempt to set aside a corporate transaction when his bankrupt has ratified the transaction?

We answer the first question in the negative and therefore do not reach the second question.

...

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