Sloane v. 425 West 25th Street Corp.

Appellate Division of the Supreme Court of New York

Sloane v. 425 West 25th Street Corp.

8 A.D.2d 597, 184 N.Y.S.2d 686, 1959 N.Y. App. Div. LEXIS 9201

CourtAppellate Division of the Supreme Court of the State of New York

DecidedApril 14, 1959

StatusPublished

This text of 8 A.D.2d 597 (Sloane v. 425 West 25th Street Corp.) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Sloane v. 425 West 25th Street Corp., 8 A.D.2d 597, 184 N.Y.S.2d 686, 1959 N.Y. App. Div. LEXIS 9201 (N.Y. Ct. App. 1959).

Pincite

Opinion

Final judgment in this stockholders’ action for an accounting, damages, and other relief, unanimously affirmed on the facts and on the law, with costs to the respondents. The second cause of action, in substance, alleges that loans of corporate funds, without interest, were made to other corporations controlled by the principal stockholder. These borrowers, tenants in the building owned by 425 West 25th Street Corp., paid substantial rents and made permanent improvements to the realty. We agree with the trial court that the benefits derived by 425 West 25th Street Corp. were in excess of the income that could have been realized from interest payments. Under these and all the circumstances, it has not been shown that the loans without interest were not made in the exercise of good business judgment. Concur — Breitel, J. P., Rabin, M. M. Frank, Valente and McNally, JJ.

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Final judgment in this stockholders’ action for an accounting, damages, and other relief, unanimously affirmed on the facts and on the law, with costs to the respondents. The second cause of action, in substance, alleges that loans of corporate funds, without interest, were made to other corporations controlled by the principal stockholder. These borrowers, tenants in the building owned by 425 West 25th Street Corp., paid substantial rents and made permanent improvements to the realty. We agree with the trial court that the benefits derived by 425 West 25th Street Corp. were in excess of the income that could have been realized from interest payments. Under these and all the circumstances, it has not been shown that the loans without interest were not made in the exercise of good business judgment. Concur — Breitel, J. P., Rabin, M. M. Frank, Valente and McNally, JJ.

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Bluebook (online)

8 A.D.2d 597, 184 N.Y.S.2d 686, 1959 N.Y. App. Div. LEXIS 9201, Counsel Stack Legal Research, https://law.counselstack.com/opinion/sloane-v-425-west-25th-street-corp-nyappdiv-1959.