Business Associations Keyed to Hamilton
DeBaun v. First Western Bank and Trust Co.
Facts
First Western (D) held 70 shares of Johnson Corporation which was run under DeBaun (P) and Stephens (P) guidance who between them owned 20 shares as directors. First Western did not want the 70 shares and secretly decided to sell them to Mattison, the settlor and trustee of S.O.F. fund who had a number of bankruptcies, tax liens, and a personally unsatisfied judgment with First Western’s (D) predecessor. As soon as Mattison acquired control of the corporation, he intercepted incoming funds, stopped paying creditors, and looted the corporation for his own benefit. With Johnson Corporation in further debt by this, DeBaun (P) and Stephens (P) filed suit against First Western (D) for breach of duty as majority shareholder. Trial court found against First Western (D) for $473,836 and an appeal followed.
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