INTERNATIONAL INV. v. BUSINESS PARK FUND

No. S-8648.

991 P.2d 219 (1999)

INTERNATIONAL INVESTORS, a limited partnership; Financial Factors, Ltd., an Alaska corporation; Auke Bay Company Profit Sharing Trust; Creative Investments No. 1, a limited partnership; National Bank of Alaska, as custodian for the H.P. Head Rollover IRA; and National Bank of Alaska, as custodian for the R.E. Greisen Rollover IRA, Appellants, v. BUSINESS PARK FUND, an Alaska limited partnership; Leslie B. Pace, individually and as a general partner of Business Park Fund; Richard H. Rapp, individually and as a general partner of Business Park Fund; Herbert E. Eckmann, individually and as a general partner of Business Park Fund; Partnership Management Corporation, individually and as a general partner of Business Park Fund; Land Title Company of Alaska, Inc., successor-in-interest to Broker's Title Company; Curtis L. Anderson; Robert O. Anderson; Marion A. Arturo; Abbie G. Arturo; Peter A. Barker; Marilyn H. Barker; Marilyn J. Beach; David W. Beach; Daniel C. Beach; Ronald D. Beach; James A. Bennett; Connie S. Bennett; Ole K. Bevolden; Herdis Bevolden; Rex I. Bishopp; Ruth M. Bishopp; Estate of William E. Blackmon; Charles A. Brodahl; Erdie P. Brodahl; Ann E. Burbank; Raymond W. Burbank; William J. Burnison; David L. Byrd; Sue S. Byrd; Richard M. Carlson; Carol B. Carlson; Howard W. Castle; Jay Castle; Gunter Christoph; Alice L. Christoph; Robert A. Coats; William Fortune Coghill; Geraldine Stephens Coghill; William Fortune Coghill and Geraldine Stephens Coghill Revocable Trust; Dennis Colligan; Doris S. Colligan; Frank D. Cox; Esther J. Cox; Ronald L. Davis; Theresa A. Davis; Michael L. Delbecq; Muriel E. Delbecq; Louis A. Delbecq; William M. Dinkins; Edith S. Dinkins; Jewell D. Donchak; Joseph Donchak; L. Catherine Doogan; Carol J. Douthit; Eva Eckmann; E.K.S. Partnership; Nora H. Ekstedt; Donald V. Elliott; Terry A. Ellis; Theresa A. Ellis; Carroll I. Erickson; Robert C. Farkas; Kathleen A. Farkas; Gary D. Ferguson; Kun Yea Ferguson; Thomas R. Fink; Sylvia S. Fink; Todd E. Fisher, Cynthia A. Fisher, Carolyn K. Fowler; Robert A. Garrett; Dorothy D. Garrett; Roland E. Gower, M.D., P.C. Profit Sharing Trust; Roland E. Gower, J.D., P.C. Money Purchase Pension Trust; Frank B. Gregory; Merada A. Gregory, Gene E. Griffin, Marsha K. Griffin; Irvin W. Hale; Wanda M. Hale; Robert L. Hall; John R. Hall; JRRL Enterprises; Robert L. Hanson; Willa M. Hanson; James C. Harle; Michael T. Hart; Georgette M. Hart, Hart Family Revocable Trust; Robert G. Henke; Charlotte M. Henke; Alys P. Hopkins; Harold J. Hopkins, Dr. Ward A. Hulbert; I.M.A. Money Purchase Pension & Profit Sharing Plans: FBO Richard F. Buchanan; I.M.A. Pension Fund; FBO George L. Stewart Account; Warren R. Jackson; Margaret L. Jackson, Personal Representative of the Estate of Warren R. Jackson; Jasi Company; Theresa Jelacic; Wayne D. Jensen; Rita J. Jensen; Curtis D. Jensen; Deborah L. Jensen; George J. Johnson; Patricia M. Johnson; Daniel B. Jordan; Marian M. Jordan; Danny T. Kara; Janis M. Kara; Patricia I. Kier; Jacob C. Knapp; Mildred C. Knapp, Kaare Kraakmo; Erhard Krinke; Kjell Kristiansen; Marit Kristiansen; Jane Langston; Alfred N. Lanum; Julianne M. Lanum; Barbara J. Lavish; Douglas W. Lindstrand; Patricia F. Lindstrand, Duane C. Luedke, Shirley M. Luedke; Jack Mclean; Josephine Mclean; Gary R. Masog; Verna J. Mathews; Lloyd L. Mathews; Frances McDowell; William F. McDowell; Leonard Michels; Anita Michels; Ronald D. Moon, Katherine L. Moon; Howard L. Morgan; Margo J. Morgan; Dorotha L. Muir; Robbie Jay Muir; John H. Nabors, Jr., individually; Mary B. Nabors, individually; Mary B. Nabors Family Trust; Mary B. Nabors and John H. Nabors, Trustees under the Mary B. Nabors Family Trust; David C. Nelson; Judith A. Nelson; Norman Neuls; Marjorie M. Norman; Richard A. Norman; Kenneth D. Owsichek; Lorane W. Owsichek; Valborg Pace; Evonne H. Phillips; Pacific Land Company; Gerald G. Palmer; Alice J. Palmer; Kenneth W. Pitcher; Mary L. Pitcher; Donald C. Pridemore; Wanda J. Pridemore; Richard H. Rapp, Jr.; Richard H. Rapp; Jane S. Rapp; Marlene Rapp, Redi Electric, Inc. Profit Sharing Trust; John J. Repasky; Barbara J. Repasky; M. Dale Riley; Owen F. Saupe; Bernice I. Saupe; Thomas B. Schaafasma; Robert H. Schaeffer; Rose L. Schaeffer; James L. Scheffel; Mary Ellen Segelhorst; N.E. Segelhorst; Roland F. Stickney; Phyllis A. Stickney; Linda J. Stiffler f/k/a/ Linda J. Blackmon; Donald L. Stiffler; Stanley L. Sutton; Laura E. Sutton; Josephine C. Thorson; Walker & Walker Revocable Trusts; Lemoine A. Webber; Juanita Webber; Henry T. Weil; Barbara L. Weil; Millard Lee Woodson; Georgia B. Woodson; Joyce E. Zerkel, individually; Joyce E. Zerkel Declaration of Trust; K. Gene Zerkel, individually; K. Gene Zerkel Declaration of Trust; Dexter C. Zernia; 3 D Company, Appellees.

Supreme Court of Alaska.

Rehearing Denied January 4, 2000.


Attorney(s) appearing for the Case

James N. Reeves, Dorsey & Whitney LLP, Anchorage, for Appellants.

Richard A. Helm, Andrew D. Steiner, Helm & Associates, Anchorage, for Appellees N.E. and Mary Ellen Segelhorst.

Tonja J. Woelber, Anchorage, for Appellees Todd E. and Cynthia A. Fisher.

John R. Strachan, Anchorage, for Appellees represented by Duane C. Luedke.

Steven S. Tervooren, Hughes, Thorsness, Powell, Huddleston & Bauman, LLC, for Appellee Robert A. Coats.

Before MATTHEWS, Chief Justice, EASTAUGH, BRYNER, and CARPENETI, Justices.


OPINION

MATTHEWS, Chief Justice.

I. INTRODUCTION

The Business Park Fund, a limited partnership, defaulted on a note payable to International Investors. International sued the Business Park Fund's limited partners, seeking to collect their unpaid capital subscriptions. The superior court entered a final judgment releasing the limited partners from all liability, ruling that International could not enforce the note directly against...

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