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Business Assoctiations Keyed to Gabalson, 3rd Ed.
Hanewald v. Bryan’s Inc.
Citation:
429 N.W.2d 414 (1988)Facts
In July 1984, Keith and Joan Bryan incorporated Bryan’s Inc. to operate a retail clothing store. The Articles of Incorporation authorized 100 shares of common stock with a par value of $1,000 per share. The corporation issued 50 shares each to Keith and Joan Bryan, but they did not pay any consideration for these shares. On August 30, 1984, Bryan’s Inc. purchased Hanewald’s dry goods store for $60,000, paying $55,000 in cash (obtained through a bank loan personally guaranteed by Keith and Joan Bryan) and giving a $5,000 promissory note due in one year. The business operated for only four months before closing with an operating loss. The remaining inventory was moved to other Bryan family stores in Montana. Bryan’s Inc. paid all its creditors except Hanewald, including repaying a $10,000 loan from Keith and Joan Bryan that was intended for operating expenses. The corporation was involuntarily dissolved in 1986 for failure to file an annual report.
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