EDELMAN v. FRINDEL, 309 N.Y. 935 (1955)

132 N.E.2d 311

SAMUEL EDELMAN, on Behalf of Himself and All Other Stockholders of 123 Cedar Street Corporation Similarly Situated, and on Behalf of Said Corporation, Appellant, v. SAM FRINDEL, JR., et al., as Executors of ELIAS A. COHEN, Deceased, et al., Respondents.

Court of Appeals of the State of New York.Argued October 5, 1955
Decided December 28, 1955

Page 936

Appeal from the Supreme Court, Appellate Division, First Department, WALTER, J.

Jay Leo Rothschild for appellant.

Samuel Gottlieb, Alvin T. Sapinsley, respondent in person, and Harry Giesow for Sam Frindel, Jr., and others, respondents.

Page 937

Judgment affirmed, with costs; no opinion.

Concur: CONWAY, Ch. J., DESMOND, FULD and FROESSEL, JJ. VAN VOORHIS and BURKE, JJ., dissent and vote to reverse upon the ground that the personal representatives of Elias A. Cohen were under a fiduciary obligation to come forward with an explanation of the purpose to which these funds of 123 Cedar Street Corporation were applied, and that under the evidence in this record these funds must be held to have been expended for the purchase of an equity interest as contended by plaintiff. Taking no part: DYE, J.

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