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Corporations - Liability Of Directors For Failure To Enforce Corporate Right By Section 16b Of Securities Exchange Act, Bernard Goldstone
Corporations - Liability Of Directors For Failure To Enforce Corporate Right By Section 16b Of Securities Exchange Act, Bernard Goldstone
Michigan Law Review
Plaintiff brought a stockholder's derivative suit against the directors of X corporation, alleging that they wilfully failed to demand short term profits made in the sale of the corporation's securities by an officer of the corporation. These profits were recoverable by the corporation pursuant to section 16B of the Securities Exchange Act of 1934. Plaintiff further alleged that as a result of the directors' failure to sue, the statute of limitations barred recovery of these profits, giving rise to a common law action against the directors for waste. Defendants moved to dismiss. Held, motion granted. Directors were not liable …
Bailments-Delivery Of Possession-Liability Of Shopkeeper For Loss Of Article Left In Reception Room, Myron J. Nadler
Bailments-Delivery Of Possession-Liability Of Shopkeeper For Loss Of Article Left In Reception Room, Myron J. Nadler
Michigan Law Review
Without the knowledge of defendants, plaintiff hung her coat on a hook provided for wraps in the unattended reception room of defendants' beauty shop. Upon leaving, plaintiff returned to the reception room but was unable to find her coat. Judgment for its value was recovered in the lower court upon the theory that defendants were bailees of the coat and had been negligent in caring for it. Held, reversed. No bailment existed because there was no change of possession of the coat sufficient to constitute a delivery. Theobald v. Satterthwaite, (Wash.1948) 190P. (2d) 714.