New York Court of Appeals

James Pollitz, Respondent v. George J. Gould, Appellants, Impleaded With Others

April 25, 1911202 N.Y. 11

Summary

The New York Court of Appeals affirmed the lower court, holding that a stockholder who purchased shares after a fraudulent corporate transaction may bring an action on behalf of the corporation to set aside that transaction, absent special circumstances. The Court rejected the rule requiring ownership at the time of the transaction.