SEC. Nat. Bank v. Peters, Writer & Christensen

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding breach of fiduciary duty by a director constitutes constructive fraud, and, therefore, affected shareholder was entitled to dissenters' rights and to challenge the corporate action creating entitlement to dissenters' rights
• preferred shareholders had standing to challenge actions of common shareholders which accrued exclusive benefit to common shareholders at preferred shareholders’ expense
• failure to disclose or provide notice of meeting to shareholders and dealing at expense of preferred shareholders constituted constructive fraud as a matter of law
• directors’ actions that benefited directors as common shareholders at the expense of the preferred shareholders constituted a breach of fiduciary duty
• preferred shareholders may maintain personal action against directors who deny them statutory right of redemption upon adoption of liquidation plan
• directors who negotiated transaction to benefit themselves breached their fiduciary duties

Source: CourtListener parenthetical corpus (CC0).