Case Name: Edward F. Wagner, Suing on Behalf of Himself and All Other Stockholders of Loew's Incorporated Similarly Situated, Appellant, v. George N. Armsby and Others, Defendants, Impleaded with David Bernstein and Others, Respondents
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1942-06-19
Citations: 264 A.D. 379
Docket Number: 
Parties: Edward F. Wagner, Suing on Behalf of Himself and All Other Stockholders of Loew’s Incorporated Similarly Situated, Appellant, v. George N. Armsby and Others, Defendants, Impleaded with David Bernstein and Others, Respondents.
Judges: 
Reporter: Appellate Division Reports
Volume: 264
Pages: 379–381

Head Matter:
Edward F. Wagner, Suing on Behalf of Himself and All Other Stockholders of Loew’s Incorporated Similarly Situated, Appellant, v. George N. Armsby and Others, Defendants, Impleaded with David Bernstein and Others, Respondents.
First Department,
June 19, 1942.
Israel Beckhardi of counsel [Harold B. Pomeranz with him on the brief], for the appellant.
David Katz of counsel [Proskauer, Rose & Paskus, attorneys], for the respondents.-

Opinion:
Per Curiam.
The gist of the complaint is that the directors-used funds of the corporation for their own benefit in settling various stockholders' derivative actions brought against them personally for their own misconduct. Such a cause of action is basically an action for money had and received and not an action for damage to property. The relevant Statute of Limitations is, therefore, the six-year statute. (Mencher v. Richards, 283 N. Y. 176; Goldstein v. Tri-Continental Corp., 282 id. 21; Potter v. Walker, 276 id. 15; Dunlop's Sons, Inc., v. Spurr, 285 id. 333.)
The order should be reversed, with twenty dollars costs and disbursements, and the motion denied, with leave to the defendants-respondents to answer within ten days after service of order, on payment of said costs.
Present — Martin, P. J., Townley, Glennon and Dore, JJ.; Dore, J., dissents and votes to affirm.