SECURITY CENTER PROTECTION SERV., INC. v. ALL-PRO SECURITY, INC.

Nos. 94-CA-1317, 94-CA-1318.

650 So.2d 1206 (1995)

SECURITY CENTER PROTECTION SERVICES, INC. v. ALL-PRO SECURITY, INC., and Louis O. Sepulveda. SECURITY CENTER PROTECTION SERVICES, INC. v. Frank CLEMENT and Henry Burkhardt.

Court of Appeal of Louisiana, Fourth Circuit.

February 23, 1995.


Attorney(s) appearing for the Case

Philip K. Jones, Jr., Dena L. Olivier, Liskow & Lewis, New Orleans, for Security Center Protection Service, Inc.

Bruce S. Kingsdorf, Cleveland, Barrios, Kingsdorf & Casteix, New Orleans, for Frank Clement.

Before BARRY, PLOTKIN and WALTZER, JJ.


PLOTKIN, Judge.

This case requires this court to interpret two provisions of Louisiana's corporation law: La.R.S. 12:55(A), which prohibits a corporation from purchasing or redeeming its shares when it is insolvent or when the purchase or redemption would render it insolvent, and La.R.S. 12:93(D), which imposes liability for corporate debts on shareholders who receive an unlawful distribution of assets. A sub-issue is whether an unlawful distribution of corporate...

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