Court Opinion

ID: 9639943
Source: CourtListenerOpinion
Date Created: 2023-08-22 16:52:43.208835+00
Date Added: 2024-06-11T18:10:23.388543
License: Public Domain

On Second Motion for Rehearing
We reversed the judgment of the trial court against Inter-Continental in favor of appellee even though we held Inter-Continental could not successfully defend on the ground that the transaction sued on might be ultra vires. Had the rights of the corporation alone been involved appellee would have been entitled to judgment. However, we have a case where the rights of an intervening stockholder are involved. If in a trial on the merits it is determined that on the facts the stockholder is entitled to some relief, in accordance with the principles we set out in our opinion on the original motion for rehearing, appellee will be entitled to a judgment against the corporation, not for the full amount of the note, but only to the extent that the stockholder is held not to be entitled to relief. This is not because of a right in the corporation, but because of the rights of the stockholder.
Motion overruled.