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Business Organizations Keyed to Sjostrom
F.B.I. Farms, Inc. v. Moore
Citation:
798 N.E.2d 440 (Ind. 2003)Facts
F.B.I. Farms, Inc., was formed by three couples in 1976. At the time, Birchell Moore was married to Linda. Lind and Moore deeded a jointly-owned 180-acre farm to F.B.I. In 1977, the board of directors of F.B.I. consisted of Moore, Ivan, Freddy and Linda. The minutes of the 1977 board meeting recite the following: No stock of the corporation shall be transferred, assigned or exchanged or divided unless approved by the board; if any stock be offered or transferred, the corporation should have the first opportunity of purchasing the same at no more than the book value thereof. Linda’ marriage to Moore was dissolved in 1982. As part of the dissolution proceedings, Linda was awarded all of the F.B.I. shares and Moore was awarded a monetary judgment, secured by a lien on Linda’s shares. F.B.I. filed for bankruptcy protection. Moore then obtained the writ of execution. A sheriff’s sale went forward and Moore purchased all shares owned by Linda. In December 2000, Moore instituted this suit against F.B.I., its shareholders, and Linda seeking a judgment that the shares were freely transferable.
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CorporationsTopic Refresher Course
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Parties Chart