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When a California corporation dissolves, it continues to exist for the purpose of defending claims against it (and prosecuting claims in its name), though a claim by a creditor against a shareholder to recover assets distributed in the distribution must…
Read MoreThe general rule is that directors of a corporation owe no duty to creditors because it is the shareholders who own a corporation. From an economic perspective, when a corporation is solvent, it is the shareholders who are the residual…
Read MoreWhen there is a business dispute, a party sometimes wants to use the maximum leverage possible. Caution should be exercised to make sure that the effort to exercise leverage does not boomerang. One of the common ways that parties seek…
Read MoreThe case of Chang v. Lederman (2009) 172 Cal. App. 4th 67, while dealing with the obligations of an estate planning lawyer to beneficiaries of the estate, may be of interest to participants in business transactions or business enterprises. Facts…
Read MoreFlint Hills Resources, LP v. Jag Energy, Inc., 559 F.3d 373 (5th Cir. 2009) doesn’t establish any particularly important principle of law. Instead it’s being mentioned because it illustrates the value of good drafting. Flint Hills, a refiner of crude…
Read MoreCorporations Code section 1602 provides that: “Every director shall have the absolute right at any reasonable time to inspect and copy all books, records and documents of every kind … of the corporation of which such person is a director….”…
Read MoreDoe v. SexSearch.com, 551 F. 3d 412 (6th Cir. 2008). Plaintiff John Doe, filing under a pseudonym, appealed the dismissal of his complaint against defendant, SexSearch.com (“SexSearch”), an online adult dating service that facilitates sexual encounters between its members. In…
Read MoreIn People v. Roscoe (2008) 169 Cal. App. 4th 829, two individuals (John F. Roscoe and Ned F. Roscoe) were officers, directors, and shareholders of a family company for an underground storage tank that leaked over 3,000 gallons of gasoline…
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