Lockwood v. General Abrasive Co. — 240 N.Y. 592

Majority

p. 592

Charles Lockwood, on Behalf of Himself and Other Stockholders of General Abrasive Company, Plaintiff, v. General Abrasive Company, Respondent. Arthur J. Skinner, Intervenor, Appellant.

(Argued February 26, 1925;

decided March 31, 1925.)

Headnote

Corporations — stockholders — apportionment of dividends between common and preferred stockholders.

Lockwood v. General Abrasive Co., 210 App. Div. 141 , affirmed.

Appeal from a judgment of the Appellate Division of the Supreme Court in the fourth judicial department, entered September 24, 1924, modifying and affirming as modified a judgment of Special Term directing the manner in which dividends of defendant should be apportioned between the common and preferred stockholders. The question was whether, under the provisions of "the certificate of incorporation, the common stockholders of the corporation are entitled to receive back dividends before

p. 593

a sum in excess of seven dollars in any one year is paid in dividends to the preferred stockholders.

Thomas R. Wheeler for appellant.

Basil Robillard for respondent.

Judgment affirmed, with costs; no opinion.

Concur: His cock, Ch. J., Cardozo, Pound, McLaughlin, Crane, Andrews and Lehman, JJ.