Legal Opinion
Westland Capitol Corp. v. Lucht Engineering Inc.
Supreme Court of Minnesota
Decided July 24, 1981No. 51462PublishedCited by 11 opinions
1Opinion of the Court
SIMONETT, Justice.
Two investors in a close corporation went to court to enforce a restriction in their loan agreement which prohibited company purchase of any fixed assets, here an airplane, costing over $25,000 annually. The district court held the prohibition to be enforceable. The corporation and its president appeal. We affirm.
Orren Lucht incorporated his photofinishing equipment business in 1971. By 1975 his company, Lucht Engineering, Inc., was seriously in debt, primarily because of development costs for a new photo printer. Creditors were unpaid, payroll taxes unmet. Survival of the…
2Cases cited7 opinions
- Seitz v. MichelSupreme Court of Minnesota · 1921
- Galler v. GallerIllinois Supreme Court · 1965
- Hart v. BellSupreme Court of Minnesota · 1946
- Capital Investments, Inc. v. Whitehall Packing Co.Wisconsin Supreme Court · 1979
- Goodall v. Columbia Ventures, Inc.District Court, S.D. New York · 1974
2 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- U.S. Bank N. A. v. Cold Spring Granite Co.Supreme Court of Minnesota · 2011
- Wessin v. Archives Corp.Supreme Court of Minnesota · 1999
- Advanced Communication Design, Inc. v. FollettSupreme Court of Minnesota · 2000
- Berreman v. West Publishing Co.Court of Appeals of Minnesota · 2000
- Pedro v. PedroCourt of Appeals of Minnesota · 1992
6 more not listed; retrieve them via the Exa API.