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MELROSE v. CAPITOL CITY MOTOR LODGE, INC.

No. 49S00-9708-CV-444.

705 N.E.2d 985 (1998)

Herbert MELROSE, Appellant (Cross-Claim Plaintiff below), v. CAPITOL CITY MOTOR LODGE, INC., Appellee (Cross-Claim Defendant below).

Supreme Court of Indiana.

December 30, 1998.

Attorney(s) appearing for the Case

Marvin Mitchell, Mitchell Hurst Jacobs & Dick, Steven K. Huffer Huffer & Weathers, P.C., Indianapolis, IN, Attorneys for Appellant.

Ronald E. Elberger, V. Samuel Laurin, III, George T. Patton, Jr., Bose McKinney & Evans, Indianapolis, IN, Attorneys for Appellee.

SULLIVAN, Justice.

After a closely held corporation decided to liquidate, Smulyan, a director-shareholder, sought to purchase corporate-owned insurance policies on his life for their cash surrender value. Melrose, another director-shareholder, objected on grounds that Smulyan's life expectancy made the policies far more valuable than their cash surrender value. The trial court held that Smulyan's purchase did not violate his statutory or fiduciary duties to the corporation...

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