stockholder's derivative action

stockholder's derivative action
An action by a stockholder for purpose of sustaining in his own name a right of action existing in corporation itself, where corporation would be an appropriate plaintiff. It is based upon two distinct wrongs: The act whereby corporation was caused to suffer damage, and act of corporation itself in refusing to redress such act. Procedure in such actions is governed by Fed.R.Civil P. 23.1

Black's law dictionary. . 1990.

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Look at other dictionaries:

  • stockholder's derivative action — See: derivative action Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc. Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

  • derivative action — n: a suit brought by a shareholder on behalf of a corporation or by a member on behalf of an association to assert a cause of action usu. against an officer which the corporation or association has itself failed to assert for its injuries –… …   Law dictionary

  • stockholder's derivative suit — A legal action in which a shareholder of a corporation sues in the name of the corporation to enforce or defend a legal right because the corporation itself refuses to sue. Dictionary from West s Encyclopedia of American Law. 2005. stockholder s… …   Law dictionary

  • stockholder's derivative suit — See derivative action …   Ballentine's law dictionary

  • derivative suit — See stockholder s derivative action; derivative action …   Black's law dictionary

  • derivative — de·riv·a·tive 1 /də ri və tiv/ n: a contract or security that derives its value from that of an underlying asset (as another security) or from the value of a rate (as of interest or currency exchange) or index of asset value (as a stock index) ◇… …   Law dictionary

  • derivative — Coming from another; taken from something preceding; secondary. That which has not its origin in itself, but owes its existence to something foregoing. Anything obtained or deduced from another @ derivative action A suit by a shareholder to… …   Black's law dictionary

  • derivative — Coming from another; taken from something preceding; secondary. That which has not its origin in itself, but owes its existence to something foregoing. Anything obtained or deduced from another @ derivative action A suit by a shareholder to… …   Black's law dictionary

  • derivative claim — A claim brought by a member of a company under Part 11 of the Companies Act 2006 in respect of a cause of action vested in the company, and seeking relief on behalf of the company. The procedure for this type of application is set out in CPR 19.9 …   Law dictionary

  • stockholders' representative action — An action brought or maintained by a stockholder in behalf of himself and all others similarly situated. See also stockholder s derivative action …   Black's law dictionary

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