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PETTY v. BANK OF NEW MEXICO HOLDING CO.

No. 18059.

787 P.2d 443 (1990)

109 N.M. 524

Ralph F. PETTY, Jr., plaintiff-appellant, v. The BANK OF NEW MEXICO HOLDING COMPANY, George L. Clark, Charles Spann, Mike Anaya, Albert Arrigoni, Culbertson & Culbertson Partnership, Marie Ellen Culbertson, Myles C. Culbertson, George H. Dapples, Sam Dazzo, Sr., George M. Fernandez, James H. Franke, Jerry A. Henson, Holiday Management Company, Jerry W. Keeran, Jeffrey P. Lane, Richard D. Lueker, Joan Lueker, Joseph C. Murray, RONALD D. McConnell, Sosimo Padilla, Ruth Padilla, Don G. Price, Ron M. Price, Alonzo D. Romero, Antonio A. Sanchez, Orhan M. Sansoy, M.D., Orhan M. Sansoy, P.A. Pension Plan, Ronald J. Shettlesworth, Mary Ellen Shettlesworth, Southwest Cardiology Associates, P.A., Spann, Latimer and Hollowwa, Ronald B. Williams, Rebecca G. Williams, Ben A. Lanford, Sr., and State Beer Distributors, Inc., Defendants-Appellees.

Supreme Court of New Mexico.

February 19, 1990.

Attorney(s) appearing for the Case

Villella, Skarsgard & Noya, Patrick Villella, Albuquerque, for plaintiff-appellant.

Freedman, Boyd & Daniels, John W. Boyd, Albuquerque, for Clark.

White, Koch, Kelly & McCarthy, Bruce R. Kohl, Santa Fe, for Bank of NM Holding Co.

Charles C. Spann, Albuquerque, pro se.

Spann, Latimer & Hollowwa, James A. Artley, Albuquerque, for Spann, Latimer & Hollowwa.

Robert B. Martinez, Albuquerque, for Shettlesworths and Williamses.

OPINION

MONTGOMERY, Justice.

In this stockholder's derivative suit a minority shareholder (Petty) seeks relief from officers and directors of the corporation (the Holding Company). The complaint requests a determination that funds advanced to the defendants as litigation expenses in another suit have been wrongfully diverted from the corporation and judgment for any such improper expenditures. The district court dismissed the complaint for failure to state...

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