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SANFORD v. WAUGH & CO., INC.

No. M2007-02528-SC-R11-CV

328 S.W.3d 836 (2010)

Michael SANFORD v. WAUGH & COMPANY, INC. et al.

Supreme Court of Tennessee, at Nashville.

December 17, 2010.

Attorney(s) appearing for the Case

Joseph A. Woodruff and S. Keenan Carter , Nashville, Tennessee, for the appellants, Troy Waugh, Carol Waugh, and Waugh & Company, Inc.

Timothy L. Warnock and Elizabeth O. Gonser , Nashville, Tennessee, for the appellee, Michael Sanford.

OPINION

SHARON G. LEE, J., delivered the opinion of the Court, in which CORNELIA A. CLARK, C.J., and JANICE M. HOLDER, GARY R. WADE, and WILLIAM C. KOCH, JR., JJ., joined.

The primary issue presented in this appeal is whether an individual creditor of an insolvent corporation may bring a direct cause of action for breach of fiduciary duty against the corporate directors and officers. We hold that a creditor of an insolvent corporation may not bring a direct...

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