UMF SYSTEMS, INC. v. ELTRA CORP.

Docket No. L.A. 30620.

17 Cal.3d 753 (1976)

553 P.2d 225

132 Cal. Rptr. 129

UMF SYSTEMS, INC., Plaintiff and Appellant, v. ELTRA CORPORATION et al., Defendants and Respondents.

Supreme Court of California.

August 19, 1976.


Attorney(s) appearing for the Case

COUNSEL

Brant, Pettitt & Druten and Charles A. Druten for Plaintiff and Appellant.

Cullinan, Burns & Helmer, Brian P. Burns, Lawrence W. Thorpe, Harris B. Taylor, Ullar Vitsut, Bert C. Johnson, Parker, Stanbury, McGee & Babcock and White McGee, Jr., for Defendants and Respondents.


OPINION

RICHARDSON, J.

We consider the application of those provisions of the Corporations Code (to which all statutory references are made unless otherwise noted) which protect corporate creditors from unlawful distributions of corporate funds for the benefit of shareholders through the corporation's unauthorized repurchase of its own stock. Section 826, with which we are primarily concerned...

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