Alford v. Diversified Systems, Inc.

EDWARDS, Judge.

Alford Alarm & Protection Service, Inc., issued debentures to plaintiffs in December, 1975, with a maturity date of September, 1985. The company was liquidated non-judicially in August, 1979, when it was wholly owned by defendant, Diversified Systems, Inc. The liquidation consisted of the transfer of the company’s entire assets to Diversified.

Plaintiffs sued Diversified in January, 1984, claiming the liquidation had caused the debentures to mature and become payable under LSA-C.C. arts. 1782 and 1783. Diversified filed a dilatory exception pleading the objection of prematurity…