For Your Data Taghipour V. Jerez Representative Brief
March 01, 2016
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Taghipour v. Jerez instance brief summary
52 P.3d 1252 (2002)
CASE FACTS
The members formed the LLC amongst the manager. The managing director entered into an understanding on behalf of the LLC amongst the finance corporation. Pursuant to the agreement, the finance corporation lent the LLC $ 25,000, as well as every bit safety for the loan, the managing director executed as well as delivered a trust deed that conveyed the LLCs existent estate holding to a trustee amongst the mightiness to sell the holding inward the final result of default. After receiving the money, the managing director misappropriated the funds, as well as absconded amongst the money. The managing director never made a payment as well as the members were unaware of the loan, as well as the finance corporation foreclosed on the property. Only the managing director was notified of the default or pending foreclosure sale.
DISCUSSION
The conclusion of the courtroom of appeals was affirmed.
Recommended Supplements for Corporations as well as Business Associations Law
52 P.3d 1252 (2002)
CASE SYNOPSIS
Appellants, members as well as express liability company, filed accommodate against appellees, managing director as well as fiscal corporation, for declaratory judgment, negligence, as well as segmentation of the diverse interests inward existent holding at issue. The Utah Court of Appeals affirmed the lawsuit court's grant of the finance corporation's motility to dismiss. The members as well as the LLC filed a writ of certiorari as well as sought review of the courtroom of appeal's decision.CASE FACTS
The members formed the LLC amongst the manager. The managing director entered into an understanding on behalf of the LLC amongst the finance corporation. Pursuant to the agreement, the finance corporation lent the LLC $ 25,000, as well as every bit safety for the loan, the managing director executed as well as delivered a trust deed that conveyed the LLCs existent estate holding to a trustee amongst the mightiness to sell the holding inward the final result of default. After receiving the money, the managing director misappropriated the funds, as well as absconded amongst the money. The managing director never made a payment as well as the members were unaware of the loan, as well as the finance corporation foreclosed on the property. Only the managing director was notified of the default or pending foreclosure sale.
DISCUSSION
- The country supreme courtroom affirmed the conclusion of both the district courtroom as well as the courtroom of appeals as well as held that the activity was governed past times Utah Code Ann. § 48-2b-127(2) (1998) every bit opposed to Utah Code Ann. § 48-2b-125(2)(b), that provided that a manager's ascendence to bind a express liability companionship could survive express past times the operating agreement.
- Utah Code Ann. § 48-2b-127(2) (1998) dealt specifically amongst the types of documents a managing director could execute on behalf of the members as well as the LLC.
The conclusion of the courtroom of appeals was affirmed.
Recommended Supplements for Corporations as well as Business Associations Law