National Ass'n of Credit Management v. Burke

KIRSHBAUM, Judge.

Defendants, H. Patrick Burke and Patrick F. McCarthy, Jr., directors and officers of defendant, Burmac Ltd. (Burmac), an Iowa corporation, appeal that portion of the trial court’s judgment holding them personally liable on one of Burmac’s corporate debts. No appeal is taken from that portion of the judgment holding Burmac liable to plaintiff. We reverse as to these individual defendants.

The record reveals the following facts. In 1976 Burmac received a certificate of authority to do business from the Colorado Secretary of State, pursuant to the Colorado Corporation Code, §…