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Corporations Keyed to O’Kelley
Consumer’s Co-op v. Olsen
Citation:
419 N.W.2d 211 (1988)Facts
ECO was incorporated by Chris Olsen on January 1980. There were 2,220 shares of common stock authorized; 1,125 shares were issued to Chris Olsen for $3,589 on the day of the corporation’s inception and the remaining shares authorized were issued to Jack and Nancy Olsen. The corporate officers were elected at the formal board of directors meeting and consisted of Chris Olsen, Jack Olsen and Nancy Olsen. The majority stockholder, Chris Olsen, was at all times relevant to this action the president and general manager of ECO. In 1977, Chris Olsen had opened a personal charge account with Consumer’s Co-op. Shortly after the incorporation of ECO, this personal charge account was changed to a corporate charge account. Chris Olsen testified that no personal charges were made on the corporate account. By the end of 1981, ECO’s difficulties were manifested by a negative shareholder equity of $2,723.02. Consumer’s Co-op had extended credit to ECO on an open account primarily for the purchase of bulk fuel. ECO failed to remain current in the monthly payments on its account with Consumer’s Co-op. However, Consumer’s Co-op continued to extend credit to ECO, notwithstanding its policy to terminate credit after sixty days.
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