Ladwig & Ladwig, Inc. v. Orlin Ladwig, Inc.

OPINION

FOLEY, Judge.

Ladwig & Ladwig, Inc. and Floyd Lad-wig (plaintiffs/appellants) appeal the trial court’s ruling that neither Orlin Ladwig, Inc. nor Orlin Ladwig individually (defend ants/respondents) owe them any money, since the defendant corporation paid its full obligation to plaintiffs under the corporate “spin-off” agreement. We affirm.

FACTS

For some years prior to 1980, Floyd Lad-wig and Orlin Ladwig farmed in Stearns County under the name Ladwig & Ladwig, Inc. Each owned 159 shares of the corporation and their wives each owned one share, for a total of 320 shares.

The corporation…