Legal Opinion
Sherron Associates Loan Fund V (Mars Hotel), LLC v. Saucier
Court of Appeals of Washington
Decided August 5, 2010No. 28238-4-IIIPublishedCited by 6 opinions
1Opinion of the Court
Korsmo, A.C.J.
¶1 What happens when a limited liability company (LLC) is canceled without having first disposed of its assets? Analogizing to common law partnership and corporation practices, we hold that the assets devolve to the owners of the LLC. We reverse the trial court and reinstate the order extending the judgment against respondent Robert Saucier.
FACTS
¶2 This litigation is one of many lawsuits that arose from the failure of a hotel in downtown Spokane. In 1997, Mr. Saucier borrowed $825,000 from Sherron Associates Loan Fund V (Loan Fund V), a limited liability company. The money was…
2Cases cited11 opinions
- State Ex Rel. Carroll v. JunkerWashington Supreme Court · 1971
- Haller v. WallisWashington Supreme Court · 1978
- State v. RundquistCourt of Appeals of Washington · 1995
- Chadwick Farms Owners Ass'n v. FHC LLCWashington Supreme Court · 2009
- Ban-Mac, Inc. v. King CountyWashington Supreme Court · 1966
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Collings v. City First Mortgage Services, LLCCourt of Appeals of Washington · 2013
- In re GroomsUnited States Bankruptcy Court, W.D. Oklahoma · 2019
- Donald And Beth Collings, Resp/cross App v. City First Mortgage ServicesCourt of Appeals of Washington · 2013
- Donald And Beth Collings, Resp/cross App v. City First Mortgage ServicesCourt of Appeals of Washington · 2013
- Martin K. Berks Environmental Attorneys Group, LLC, and Environmental Attorneys Group,P.C. v. Gregory A. CadeSupreme Court of Alabama · 2014
1 more not listed; retrieve them via the Exa API.