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DeBAUN v. FIRST WESTERN BANK & TRUST CO.

Docket No. 43994.

46 Cal.App.3d 686 (1975)

120 Cal. Rptr. 354

JAMES DEBAUN et al., Plaintiffs and Respondents, v. FIRST WESTERN BANK AND TRUST COMPANY et al., Defendants and Appellants.

Court of Appeals of California, Second District, Division One.

March 31, 1975.

Attorney(s) appearing for the Case

COUNSEL

Newell & Chester and Robert M. Newell for Defendants and Appellants.

Jackson & Goodstein, H. Walter Croskey and Dennis R. Murphy for Plaintiffs and Respondents.

OPINION

THOMPSON, J.

This appeal primarily concerns the duty of a majority shareholder to the corporation whose shares he holds in selling the shares when possessed of facts establishing a reasonable likelihood that the purchaser intends to exercise the control to be acquired by him to loot the corporation of its assets. We conclude that in those circumstances the majority shareholder owes a duty of reasonable investigation and due...

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