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COMMERCE BANCORP v. INTERARCH, INC.

No. A-2832-09T3.

9 A.3d 1056 (2010)

417 N.J. Super. 329

COMMERCE BANCORP, INC., Plaintiff-Respondent, v. INTERARCH, INC., and Shirley Hill, Defendants-Appellants, and Raymond Klumb, Defendant.

Superior Court of New Jersey, Appellate Division.

Decided December 16, 2010.

Attorney(s) appearing for the Case

Edwin J. Jacobs, Jr. , Atlantic City, argued the cause for appellants (Jacobs & Barbone, P.A., attorneys; Mr. Jacobs and Eric H. Lubin , on the brief).

William M. Tambussi , Westmont, argued the cause for respondent (Brown & Connery, L.L.P., attorneys; Mr. Tambussi, on the brief).

Before Judges SKILLMAN, PARRILLO and ESPINOSA.

The opinion of the court was delivered by

PARRILLO, J.A.D.

issue is whether a corporation that voluntarily indemnifies its agent under the New Jersey Business Corporation Act, N.J.S.A. 14A:1-1 to 16-4, upon advice of counsel and after its own due diligence investigation, may sue, six years later, for restitution of that payment made after a civil jury verdict finding the corporate agent had acted in bad faith and outside the scope of her agency. The...

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