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Arizona Western Insurance Company v. L.L. Constantin & Co.
United States Court of Appeals for the Third Circuit
247 F.2d 388 (1957)
Arizona Western Insurance Company (Arizona Insurance) (plaintiff) held 10,000 shares of preferred stock in L. L. Constantin & Co. (Constantin) (defendant). An amendment to Constantin’s articles of incorporation provided that holders of the company’s preferred stock were entitled to a fixed yearly dividend of $0.50 per share, to be paid out of net profits. The preferred stock certificates contained the same provision. Constantin’s board of directors announced a dividend on the preferred stock. The dividend was never paid. Arizona Insurance brought suit in federal district court, alleging that it was entitled to a judgment for $5,000 plus interest. Constantin countered that it was under no legal obligation to pay dividends. Both sides moved for summary judgment on the issue. The court granted summary judgment in favor of Constantin. Arizona Insurance appealed. The United States Court of Appeals for the Third Circuit granted certiorari.
Rule of Law
Holding and Reasoning (Biggs, C.J.)
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