Estate of Schroer v. Stamco Supply, Inc.

The instant matter was tried to the trial court on a joint stipulation of facts with exhibits, and resulted in a judgment for the plaintiff-appellee, from which this appeal was taken. The relevant facts which pose the issues in this appeal, raising what appear to be questions of first impression in this state, may be summarized as follows.

The defendant-appellant, Stamco Supply, Inc. (“Stamco”), is an Ohio corporation and, by stipulation, is a “close corporation.” Since 1973, Ralph W. Grimme, the chief executive officer,of Stamco, and his family members have owned and exercised a controlling…