Anderson v. A & R Ag Spraying & Trucking, Inc.
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The Supreme Court vacated in part and affirmed in part the judgment of the district court valuing of the shares of a closely held corporation, holding that the district court erred in entering judgment against both the shareholder and the corporation, rather than the shareholder alone, and in awarding corporate property rather than solely the value of the shares to be purchased.
Randy Anderson and Michael Rafert each owned half the shares of A & R Ag Spraying and Trucking, Inc. (A&R). After Randy died, his interest in A&R was transferred to his wife, Cheryl. Cheryl petitioned the district court for judicial dissolution of the corporation, naming A&R and Rafert as defendants. Rafert filed an election to purchase the corporation. The trial court dismissed the dissolution proceedings due to Rafert's application. After determining the value of Cheryl's shares the trial court entered judgment against both A&R and Rafert and awarded Cheryl two corporate vehicles. The Supreme Court vacated the judgment against A&R and the award of vehicles, holding (1) A&R was not a party to the election-to-purchase proceedings, and therefore, the court lacked statutory authority to enter judgment against A&R once it determined the value of Cheryl's shares; and (2) the court lacked the authority to award corporate assets to Cheryl.
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