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ROBSON v. SMITH

No. S-2831.

777 P.2d 659 (1989)

Arthur Lyle ROBSON and Donald Lowell, Appellants, v. Joseph SMITH, Edward A. Merdes, Ruth Hanson and Alaska Northern Development, Inc., Appellees.

Supreme Court of Alaska.

July 21, 1989.

Attorney(s) appearing for the Case

Thomas E. Fenton, Fairbanks, for appellants.

Daniel G. Bruce, Baxter & Marks, Juneau, for appellee Joseph Smith.

Edward A. Merdes, Fairbanks, pro se and for appellee Alaska Northern Development, Inc.

Daniel E. Winfree, Law Offices of Daniel E. Winfree, Fairbanks, for appellee Ruth Hanson.

Before MATTHEWS, C.J., and RABINOWITZ, BURKE, COMPTON and MOORE, JJ.

OPINION

COMPTON, Justice.

This case raises the question whether a corporation's payment of secured creditors, who are also corporate directors, violates AS 10.05.216 when unsecured corporate creditors remain unpaid. Arthur Robson and Donald Lowell sued the directors of Alaska Northern Development, Inc. (A.N.D.), Joseph Smith, Edward Merdes and Ruth Hanson (the directors), in their individual capacities. Robson and Lowell sought to have money paid by and...

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