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Business Organizations Keyed to Macey
Marciano v. Nakash
Citation:535 A.2d 400 (1987)
Parties agree that the loans made by the Nakashes to Gasoline were interested transactions. The Nakashes as officers of Gasoline executed the various documents which supported the loans and at the same time guaranteed those loans extended through their wholly owned entities. Given the control deadlock, the questioned transactions did not receive majority approval of Gasoline’s directors or shareholders. The Marcianos argue that the loan transaction is voidable at the option of the corporation notwithstanding its fairness or the good faith of its participants.
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