STEINWAY v. GRIFFITH CONSOLIDATED THEATRES

STEINWAY v. GRIFFITH CONSOLIDATED THEATRES
1954 OK 157
273 P.2d 879
Case Number: 35631
Decided: 05/18/1954
Supreme Court of Oklahoma

Syllabus by the Court

¶0 1. In a case purely of equitable cognizance, neither of the litigants is entitled, as a matter of right, to a trial by jury.
2. A stockholder's derivative suit is an invention of courts of equity and is recognizable only in equity and cannot be maintained at law.
3. A claim, if enforced by means of stockholder's derivative suit, is prosecuted by action in equity, notwithstanding such claim, if sued directly by corporation, would be an action at law.
4. A stockholder's derivative suit, although for the recovery of a money judgment, is necessarily brought for the use and benefit of the corporation, and because the suit and plaintiffs' right to maintain it are recognizable only in equity they are not entitled, as a matter of right, to a trial by jury.

Appeal from the District Court, Tulsa County, Eben L. Taylor, J.

McNeill & McNeill, Spillers & Spillers, Tulsa, for plaintiffs in error.

Richardson, Cochran, Dudley, Fowler & Rucks, R.D. Hudson, Tulsa, and Wayne W. Bayless, Oklahoma City, for defendants in error.

DAVISON, J.

¶1 Except that this case is prosecuted for the use and benefit of the defendant Ritz Theatre, Inc., rather than Majestic Amusement Company, it is identical, as to parties, facts, and law, to cause Number 35,630, 273 P.2d 872, this day decided. Therefore, the opinion in said cause Number 35,630 is hereby adopted as the opinion herein.

¶2 Judgment is affirmed.

¶3 HALLEY, C.J., JOHNSON, V.C.J., and WELCH, CORN, ARNOLD, O'NEAL, WILLIAMS and BLACKBIRD, JJ., concur.