Legal Opinion
St. James Capital Corp. v. Pallet Recycling Associates of North America, Inc.
Court of Appeals of Minnesota
Decided March 9, 1999No. C8-98-1545PublishedCited by 13 opinions
1Opinion of the Court
OPINION
RANDALL, Judge.
Appellants argue that the district court erred when it dismissed their claim for failure to state a claim on which relief may be granted and ruled that directors and officers of an insolvent corporation owe no duty of care to creditors of the corporation. We affirm.
FACTS
Appellant St. James Capital Corporation (St.James) is an investment company that is in the business of lending temporary working capital to businesses. This allows the borrower the time to place equity or debt securities. This type of loan is commonly known as a bridge loan.
Respondent Pallet Recycling…
2Cases cited12 opinions
- Frost-Benco Electric Ass'n v. Minnesota Public Utilities CommissionSupreme Court of Minnesota · 1984
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- Northern States Power Co. v. FranklinSupreme Court of Minnesota · 1963
- Elzie v. Commissioner of Public SafetySupreme Court of Minnesota · 1980
- Snyder Electric Co. v. FlemingSupreme Court of Minnesota · 1981
7 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Leonard v. Mylex Corp. (In Re Northgate Computer Systems, Inc.)United States Bankruptcy Court, D. Minnesota · 1999
- Helm Financial Corporation, a California Corporation v. Mnva Railroad, Inc. Dakota, Missouri Valley & Western Railroad, Inc. Larry C. Wood Diane WoodCourt of Appeals for the Eighth Circuit · 2000
- Reshetar Systems, Inc. v. Scott ThompsonCourt of Appeals for the Eighth Circuit · 2012
- Alliance for Metropolitan Stability v. Metropolitan CouncilCourt of Appeals of Minnesota · 2003
- DeBold v. Case (In Re Tri-River Trading, LLC)United States Bankruptcy Appellate Panel for the Eighth Circuit · 2005
8 more not listed; retrieve them via the Exa API.