Robson v. Smith

OPINION

COMPTON, Justice.

This case raises the question whether a corporation’s payment of secured creditors, who are also corporate directors, violates AS 10.05.216 when unsecured corporate creditors remain unpaid. Arthur Robson and Donald Lowell sued the directors of Alaska Northern Development, Inc. (A.N. D.), Joseph Smith, Edward Merdes and Ruth Hanson (the directors), in their individual capacities. Robson and Lowell sought to have money paid by and to the corporation’s directors returned to the corporation to satisfy their own claim and the claims of similarly situated unsecured corporate…