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Business Entities Keyed to Chiappinelli
F.B.I. Farms, Inc. v. Moore
Citation:
798 N.E.2d 440 (Ind. 2003)Facts
F.B.I. Farms, Inc. was formed in 1976 by Ivan and Thelma Burger, their children, Linda and Freddy, and the children’s spouses. At the time, Birchell Moore was married to Linda. In 1977, the board adopted the following restrictions on the transfer of shares: No stock of said corporation shall be transferred, assigned or exchanged or divided, unless approved by the directors. Linda’s marriage to Birchell was dissolved in 1982. As part of the dissolution proceedings, Linda was awarded all of the F.B.I. shares and Birchell was awarded a monetary judgment, secured by a lien on Linda’s shares. Birchell’s judgment against Linda remained unsatisfied. A sheriff’s sale went forward and in February 2000 Birchell purchased all 2,924 shares owned by Linda. Birchell instituted this suit against F.B.I., its shareholders and Linda seeking a judgment that Birchell property retained ownership of the shares.
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