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THEODORE TRUST U/A DATED DECEMBER 30, 1971 v. SMADBECK

277 A.D.2d 67 (2000)

717 N.Y.S.2d 7

THEODORE TRUST U/A DATED DECEMBER 30, 1971, et al., Appellants, v. ARTHUR J. SMADBECK et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided November 14, 2000.

Pursuant to Business Corporation Law § 623, the right of appraisal is the exclusive remedy for stockholders dissenting to the terms upon which a corporation has offered its shares for sale in the context of a corporate merger, except that an action in equity is permissible to challenge fraudulent or illegal corporate activity (Breed v Barton, 54 N.Y.2d 82, 86-87). Thus, an action for...

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