Legal Opinion
In re Pace Photographers, Ltd.
New York Court of Appeals
Decided June 2, 1988PublishedCited by 40 opinions
1Opinion of the Court
OPINION OF THE COURT
Kaye, J.
In a close corporation, the terms of a, shareholders’ *741agreement governing a voluntary sale of stock by a shareholder to the corporation do not dictate the "fair value” of a minority interest under section 1118 of the Business Corporation Law. The Appellate Division order directing a sale on the terms fixed by the shareholders’ agreement at issue here, with no hearing and no evidence on valuation, should therefore be reversed and the case remitted to Supreme Court for a determination of the fair value of petitioner’s interest and other terms of the purchase by the…
2Cases cited18 opinions
- Martin v. City of CohoesNew York Court of Appeals · 1975
- In Re the Judicial Dissolution of Kemp & Beatley, Inc.New York Court of Appeals · 1984
- Mohawk Maintenance Co. v. KesslerNew York Court of Appeals · 1981
- Allen v. Biltmore Tissue Corp.New York Court of Appeals · 1957
- Clark v. DodgeNew York Court of Appeals · 1936
13 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Ingle v. Glamore Motor Sales, Inc.New York Court of Appeals · 1989
- Matter of Seagroatt Floral Co. Inc.(riccardi)New York Court of Appeals · 1991
- Friedman v. Beway Realty Corp.New York Court of Appeals · 1995
- Rigel Corp. v. CutchallNebraska Supreme Court · 1994
- In Re the Dissolution of Penepent Corp.New York Court of Appeals · 2001
35 more not listed; retrieve them via the Exa API.