Legal Opinion
Sanford v. Waugh & Co., Inc.
Tennessee Supreme Court
Decided December 17, 2010No. M2007-02528-SC-R11-CVPublishedCited by 44 opinions
1Opinion of the Court 1
OPINION
2Opinion of the Court · LeeSharon G. Lee, J.
in which CORNELIA A. CLARK, C.J., and JANICE M. HOLDER, GARY R. WADE, and WILLIAM C. KOCH, JR., JJ„ joined.
The primary issue presented in this appeal is whether an individual creditor of an insolvent corporation may bring a direct cause of action for breach of fiduciary duty against the corporate directors and officers. We hold that a creditor of an insolvent corporation may not bring a direct claim, only a derivative claim, against officers and directors for breach of the fiduciary duties they owe to the corporation. We adopt the reasoning of the Delaware Supreme Court in North…
3Cases cited27 opinions
- Hodges v. S.C. Toof & Co.Tennessee Supreme Court · 1992
- North American Catholic Educational Programming Foundation, Inc. v. GheewallaSupreme Court of Delaware · 2007
- Biscan v. BrownTennessee Supreme Court · 2005
- Production Resources Group, L.L.C. v. NCT Group, Inc.Court of Chancery of Delaware · 2004
- Merriman v. SmithCourt of Appeals of Tennessee · 1979
22 more not listed; retrieve them via the Exa API.
4Cited by44 opinions
- Betty Saint Rogers v. Louisville Land CompanyTennessee Supreme Court · 2012
- Casey v. Toyota Motor Engineering Manufacturing North America, Inc.Court of Appeals for the Fifth Circuit · 2014
- Mantle v. N. Star Energy & Constr. LLCWyoming Supreme Court · 2019
- Stephanie Keller v. Estate of Edward Stephen McRedmondTennessee Supreme Court · 2016
- Board of Professional Responsibility v. ReguliTennessee Supreme Court · 2015
39 more not listed; retrieve them via the Exa API.