Cheng v. California Pacific Bank

Opinion

MARCHIANO, J.

California Pacific Bank (the Bank) appeals from a summary judgment awarding prejudgment interest on the appraised value of the shares of a dissenting shareholder in a bank conversion transaction. The only issue raised on appeal is whether prejudgment interest was recoverable. We determine that the Bank was obligated to pay the appraised value of the shares on the date the value was agreed upon and that neither a dispute as to legal ownership, the provisions of federal banking laws, nor the Bank’s own plan of conversion excused its duty to pay. Therefore, the shareholder is…