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McLAUGHLIN v. SCHENCK

No. 20070688.

220 P.3d 146 (2009)

2009 UT 64

Samuel R. McLAUGHLIN and John Does 1-10, Plaintiffs and Appellants, v. Greg SCHENCK, Estate of Boyd Schenck, Anna Schenck, Cookietree, Inc., a Utah corporation, Harold Rosemann, and Gayle Schenck, Defendants and Appellees.

Supreme Court of Utah.

October 2, 2009.

Attorney(s) appearing for the Case

Lincoln W. Hobbs, Margaret H. Olson, Salt Lake City, for plaintiffs.

Matthew M. Durham, Justin B. Palmer, George M. Haley, Richard D. Flint, Salt Lake City, for defendants.

INTRODUCTION

DURHAM, Chief Justice:

¶ 1 In a public corporation, directors and officers owe the corporation and the shareholders collectively a duty to act in good faith and in the best interest of the corporation. In a partnership, each partner owes each of the other partners individually a duty to act with the utmost good faith. The appellant in this case, Samuel R. McLaughlin, a minority shareholder in a closely held corporation, asks this court...

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