Regal Insurance Co. v. Summit Guaranty Corp.

HARRIS, Justice.

The trial court sustained a challenge to the transfer of 15,000 shares of preferred corporate stock and entered judgment on a $295,000 note. A constructive trust was imposed. On appeal we reject various challenges to these determinations and affirm the trial court.

The case arises from complex corporate legal maneuvers by which the 15,000 shares of defendant Summit Guaranty Corp. (Summit) preferred stock were transferred from a corporation which owned them to a second corporation, and then to a third. Summit is a Delaware corporation with its principal place of business in Des…