United States Supreme Court Cases & Opinions

U.S. Supreme Court

Taylor v. Holmes, 127 U.S. 489 (1888)

Taylor v. Holmes

No. 209

Argued April 5-6, 1888

Decided May 14, 1888

127 U.S. 489

APPEAL FROM THE CIRCUIT COURT OF THE UNITED

STATES FOR THE WESTERN DISTRICT OF NORTH CAROLINA

Syllabus

A bill in equity filed in the circuit court of the United States in 1882 by a stockholder in a New York corporation, whose corporate term expired in 1878, to correct a deed of land in North Carolina made to the corporation in 1853, is barred by the statute of limitations in North Carolina and by the general principles of courts of equity with regard to laches, unless a better reason for not instituting the suit earlier is given than the one given in this suit.

A stockholder in a corporation which has passed the term of its corporate existence and has long ceased to exercise its corporate franchises, who desires to obtain equitable relief for it, must, in order to maintain an action therefor in his own name, show that he has endeavored in vain to

Page 127 U. S. 490

secure action on the part of the directors, if there are any, or to have the stockholders elect a new board of directors, and must disclose when he acquired his interest in the corporation.