Stedtfeld v. Eddy, 4800
| Court | United States State Supreme Court of Idaho |
| Writing for the Court | GIVENS, J. |
| Citation | 264 P. 381,45 Idaho 584 |
| Docket Number | 4800 |
| Decision Date | 15 February 1928 |
| Parties | FRED H. STEDTFELD, Respondent, v. CLARENCE E. EDDY, JUANITA M. EDDY and the MONTE CRISTO GOLD MINES COMPANY, a Corporation, Appellants |
264 P. 381
45 Idaho 584
FRED H. STEDTFELD, Respondent,
v.
CLARENCE E. EDDY, JUANITA M. EDDY and the MONTE CRISTO GOLD MINES COMPANY, a Corporation, Appellants
No. 4800
Supreme Court of Idaho
February 15, 1928
CORPORATIONS - ACTION FOR ACCOUNTING - DEMAND - SUFFICIENCY OF COMPLAINT - APPEAL AND ERROR - ASSIGNMENT OF ERRORS IN BRIEF.
1. Complaint, in action by stockholder, suing on behalf of himself and all others similarly situated, for accounting by former officers and stockholders of corporation, failing to allege that demand had been made on majority stockholders for them to take action, held insufficient, since demand, or excuse for failure to demand relief, of stockholders was material allegation.
2. Complaint, in action by stockholder, suing on behalf of himself and all others similarly situated, for accounting by former officers and stockholders of corporation, failing to allege that demand had been made on majority stockholders for them to take action, held insufficient to sustain judgment entered in favor of corporation, even though proof showed demand on stockholders.
3. Question presented on oral argument which has not been assigned as error in briefs, as required by supreme court rule 40, or otherwise, will not be considered on appeal.
APPEAL from the District Court of the Fifth Judicial District, for Bannock County. Hon. O. R. Baum, Judge.
Action for an accounting. Judgment for respondent. Reversed and remanded.
Reversed and remanded. Costs awarded to appellant.
Wesley B. Yates and G. L. Tyler, for Appellants.
"Before a suit can be maintained by a stockholder he must not only show that the officers of the corporation have refused to act; and that the stockholders have refused to act, but he must further show that a demand has been made upon the defendant for an accounting and that this has been refused." (1 Cyc. of Pleading & Prac., p. 98; Perry v. Foster, 62 How. Pr. (N. Y.) 228.)
"Before a minority stockholder can maintain an action in his own name he must allege and prove that he has exhausted his remedy within the corporation and that he has made proper demand of the corporation that suit be instituted and that such demand has been refused, or that relief cannot be obtained through the corporation." (Arkansas River L. T. & C. Co. v. Farmers' Co., 13 Colo. 587, 22 P. 954; Bergman Clay Mfg. Co. v. Bergman, 73 Wash. 144, 131 P. 485; Checotah Hardware Co. v. Hensley, 42 Okla. 260, 141 P. 422; Elliott...
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