Questions from Business Law

Q: Equivest, a partnership, owned 10,000 shares of Altec

Equivest, a partnership, owned 10,000 shares of Altec International, Inc. Equivest pledged these shares to secure loans by Lloyds Bank. Sometime after pledging the stock, Equivest transferred benefici...

Q: The stock of West End Development Co. was subject to a

The stock of West End Development Co. was subject to a transfer restriction. This restriction required that any shareholder selling shares first offer every other shareholder the right to purchase a p...

Q: In January 1998, Allied Capital Partners, L.P.,

In January 1998, Allied Capital Partners, L.P., and American Factors Corporation were in the business of factoring accounts receivable for third-party cli- ents. Allied assigned its factoring contract...

Q: U.S. Die Casting, Inc., is a closely

U.S. Die Casting, Inc., is a closely held Ohio corporation that owns 5 percent of Security First Corporation, a Delaware corporation. David Slyman is the president of U.S. Die and its sole shareholder...

Q: Ken and Charlotte Maschmeier were the majority shareholders of Southside Press;

Ken and Charlotte Maschmeier were the majority shareholders of Southside Press; each owned 1,300 shares. Marty and Larry Maschmeier, who each owned 1,200 shares of the corporation, had a falling out w...

Q: Gladys Boles and 28 other owners of property at Hidden Valley Lakes

Gladys Boles and 28 other owners of property at Hidden Valley Lakes Development sued the corporate developer, National Development Co. Inc. (NDC); NDC ’ s parent, Sunstates Corporation; and the indivi...

Q: Bernie and Phil’s Great American Surplus store placed an ad in the

Bernie and Phil’s Great American Surplus store placed an ad in the Sunday Times stating, “Next Saturday at 8:00 A. M. sharp, 3 brand new mink coats worth $5,000 each will be sold for $500 each! First...

Q: Ed Klein was the sole shareholder, director, and chief executive

Ed Klein was the sole shareholder, director, and chief executive officer of The Gun Exchange, Inc., a retail firearms dealership. The inventory of The Gun Exchange had been pledged as security for a $...

Q: Ibanez owned shares of stock in Farmers Underwriters. He left the

Ibanez owned shares of stock in Farmers Underwriters. He left the stock certificate lying on top of his desk in his office. Many persons continually passed through the office, and one day Ibanez reali...

Q: On March 3, 2002, pursuant to a public offering,

On March 3, 2002, pursuant to a public offering, First All State Trucking Corp. (FAST) issued securities to investors in denominations of $1,000. The interest rate was 7 percent per year payable semia...