Rouse & Associates, Inc. v. Delp

WIEAND, Judge:

We are here concerned about the effect of restrictions imposed upon the alienability of the shares of stock of a family owned corporation upon execution by a creditor against one of the shareholders. The trial court held that (1) the restrictive covenant did not prevent the involuntary sale of the debtor’s stock, but (2) the purchaser took title subject to the terms of the restrictions imposed by the stockholders’ agreement. Both parties appealed. We affirm.

Rouse and Associates, Inc. (Rouse) recovered a judgment against W. Paúl Delp in the amount of $6,132,201.8s. 1 It also…