Pierson v. Jones

SHEPARD, Justice.

This is an appeal from a judgment in favor of defendant-respondent Gail Jones in an action brought by plaintiff-appellant John Pierson to hold Jones personally liable for a corporate debt. We affirm..

Jones operated a sheet metal business as a sole proprietorship until it was incorporated in September of 1975. At that time, Jones transferred the assets of that business to a corporation in exchange for an equal amount of stock for himself and his wife. The building in which the business was located and which is a partial subject of this action was owned by Jones and was not…