153 N.Y.S. 710 | N.Y. Sup. Ct. | 1915
The plaintiff, a stockholder of the defendant company, brings the action in the right of the corporation .to compel the individual defendant, E. B. Phelps, its president and general manager, to transfer, assign and set over to the company certain letters patent of a time l.ock granted him in September, 1914, upon the grounds, first, that as general manager of the company the defendant was by contract bound to give the. corporation the benefit of his inventions, and, second, that the relations of the parties defendant establish the plaintiff’s right to the relief demanded. No such contractual obligation is imposed upon the individual defendant. In January, 1904, said Phelps represented a controlling interest in the New York Guardant Lock Company, a New Jersey corporation, whose business was the manufacture and leasing of time locks under a patent owned by him expiring in 1916. As the result of negotiations with one Firth, who obtained the subscription of the plaintiff to $25,000 of the stock of a new company to be formed, the defendant company was organized on or about January 13, 1904, and pursuant to the plan of organization, as outlined in an agreement dated November 21, 1903, made by the old company, the said Firth
Complaint dismissed, with costs.