Cases Decided in the Inferior Courts of Record of the State of New York Volume 116

Cases Decided in the Inferior Courts of Record of the State of New York Volume 116

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ...exists. One action is against the bank and the other is against the directors. One is to recover a personal loss sustained and the other is to recover as a stockholder the loss sustained by the bank. In one the bank is the real defendant while in the other, the bank should have been the plaintiff and is only a nominal defendant. The plaintiff, however, could not have satisfaction in both cases and a recovery in one of them would bar a recovery in the other assuming that he had a cause of action against the bank. The only cause of action probably he ever had, however, was as a stockholder to recover the general loss sustained by the bank. Assuming that both actions are maintainable, which is not conceded, they are not inconsistent remedies under the doctrine of election and the former action could only be treated as a bar upon a complete satisfaction of that action of the damages sustained by the plaintiff. Walden Nat. Bank v. Birch, 130 N. Y. 221; Bowen v. Mandeville, 95 id. 237; Cramer v. Brownell, 166 App. Div. 456; Clapp v. McCabe, 84 Hun, 379; Wilson v. Ewald, 61 Misc. Rep. 286; Heidelbach v. National Park Bank, 87 Hun, 117; Patterson v. Youngs, 72 Misc. Rep. 91; Pratt-Hurst & Co., Ltd., v. Tailer, 53 id. 82. Nor has there been any such acquiescence in or ratification of the judgment recovered in the action against the former directors as will bar the present Misc. Supreme Court, August, 1921. action. The plaintiff, it is true, accepted the amount of the judgment but he notified the bank that he held the proceeds as trustee until the final determination of the appeal and the appeal raised the question as to his right to recover on the remainder of his stock. The acceptance of the benefits of the judgment are not an acquiescence...
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Product details

  • Paperback | 264 pages
  • 189 x 246 x 14mm | 476g
  • United States
  • English
  • black & white illustrations
  • 1236945514
  • 9781236945518