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Full-Text Articles in Securities Law
Federal Procedure-Jurisdiction-Diversity Of Citizenship Required In Stockholder's Derivative Suit, Morris G. Shanker
Federal Procedure-Jurisdiction-Diversity Of Citizenship Required In Stockholder's Derivative Suit, Morris G. Shanker
Michigan Law Review
Plaintiff, a citizen of New York, instituted a stockholder's suit on behalf of a New York corporation in the United States District Court for the Southern District of New York. Individual officers and directors of the corporation, all citizens of Connecticut, were charged with mismanagement and were joined with it as party defendants. Since plaintiff and defendant corporation were both citizens of New York, requisite diversity did not exist, and the district court dismissed the claim for lack of jurisdiction. Upon appeal, held, judgment affirmed. The section of the Federal Judicial Code providing that "any civil action by a …
Election Of Remedies - As Between Conversion And Replevin - Measure Of Recovery
Election Of Remedies - As Between Conversion And Replevin - Measure Of Recovery
Michigan Law Review
Through fraud, defendant received from plaintiff certain shares of stock together with other securities to secure a loan of $300,000 to the plaintiff. Defendant wrongfully hypothecated this stock. Plaintiff, after learning of the conversion, sued for the specific stock in replevin. During the course of the action he changed his demand to one in damages for conversion. The court held that plaintiff may not change the theory of his cause of action from replevin to conversion. Satterwhite v. Harriman Nat. Bank & Trust Co., (D. C. N. Y. 1935) 13 F. Supp. 493.