Guttmann v. Illinois Central R. Co.

189 F.2d 927 (1951)

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Guttmann v. Illinois Central R. Co.

United States Court of Appeals for the Second Circuit
189 F.2d 927 (1951)

Facts

Guttmann (plaintiff) owned 200 shares of noncumulative preferred stock in Illinois Central Railroad Company (Illinois Central) (defendant). Illinois Central’s certificate of incorporation provided that holders of preferred stock would receive dividends prior to holders of common stock. Between 1932 and 1947, Illinois Central paid no dividends on its preferred stock. A dividend on common stock was declared in 1950. Guttmann brought suit for payment of arrears in federal district court, contending that Illinois Central had sufficient net income to pay dividends between 1937 and 1947. The court ruled in favor of Illinois Central. Guttmann appealed. The United States Court of Appeals for the Second Circuit granted certiorari.

Rule of Law

Issue

Holding and Reasoning (Frank, J.)

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