GIBSON v. MANUEL

No. 58963.

534 So.2d 199 (1988)

John T. GIBSON, Sr. v. Donald G. MANUEL.

Supreme Court of Mississippi.

November 16, 1988.


Attorney(s) appearing for the Case

J. Robertshaw, Robertshaw, Terney, Noble & Smith, Greenville, for appellant.

Kenney M. Swain, Swain & Swain, Greenville, for appellee.

Before HAWKINS, P.J., and ROBERTSON and SULLIVAN, JJ.


ROBERTSON, Justice, for the Court:

I.

This interlocutory appeal wherein time is of the essence asks that we articulate the duties of a corporate officer and sole shareholder owed to a pledgee of his shares. The pledgee's legitimate concern is that the pledgor/officer has disposed of the corporate assets out of the ordinary course of business and without receiving fair value in exchange. This, of course, has rendered pledgee's security worthless.

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