2010 Wisconsin Code
Chapter 180. Business corporations.
180.1330 Court action.
180.1330180.1330 Court action.
180.1330(1)(1) If a demand for payment under s. 180.1328 remains unsettled, the corporation shall bring a special proceeding within 60 days after receiving the payment demand under s. 180.1328 and petition the court to determine the fair value of the shares and accrued interest. If the corporation does not bring the special proceeding within the 60-day period, it shall pay each dissenter whose demand remains unsettled the amount demanded.
180.1330(2)(2) The corporation shall bring the special proceeding in the circuit court for the county where its principal office or, if none in this state, its registered office is located. If the corporation is a foreign corporation without a registered office in this state, it shall bring the special proceeding in the county in this state in which was located the registered office of the issuer corporation that merged with or whose shares were acquired by the foreign corporation.
180.1330(3)(3) The corporation shall make all dissenters, whether or not residents of this state, whose demands remain unsettled parties to the special proceeding. Each party to the special proceeding shall be served with a copy of the petition as provided in s. 801.14.
180.1330(4)(4) The jurisdiction of the court in which the special proceeding is brought under sub. (2) is plenary and exclusive. The court may appoint one or more persons as appraisers to receive evidence and recommend decision on the question of fair value. An appraiser has the power described in the order appointing him or her or in any amendment to the order. The dissenters are entitled to the same discovery rights as parties in other civil proceedings.
180.1330(5)(5) Each dissenter made a party to the special proceeding is entitled to judgment for any of the following:
180.1330(5)(a)(a) The amount, if any, by which the court finds the fair value of his or her shares, plus interest, exceeds the amount paid by the corporation.
180.1330(5)(b)(b) The fair value, plus accrued interest, of his or her shares acquired on or after the date specified in the dissenter's notice under s. 180.1322 (2) (c), for which the corporation elected to withhold payment under s. 180.1327.
180.1330 - ANNOT.History: 1989 a. 303.
180.1330 - ANNOT.Because this section does not provide for different procedures, all procedural mechanisms under chs. 801 to 847 are available in an action under this section. Kohler Co. v. Sogen International Fund, Inc. 2000 WI App 60, 233 Wis. 2d 592, 608 N.W.2d 746, 99-0960.
180.1330 - ANNOT.The exclusive, statutory remedy of an appraisal proceeding pursuant to directives of the statute falls within the contractual relationship between stockholder and corporation. However, the appraisal action is nonetheless a judicial action to enforce property rights established by state law. The statute-based forum selection provision, therefore offends the same federal law principle as would any law designating a Wisconsin circuit court as the exclusive jurisdiction for or precluding removal of litigation to enforce personal or property rights. Whenever a general rule as to property or personal rights, or injuries to either, is established by state legislation, its enforcement by a federal court in a case between proper parties is a matter of course, and the jurisdiction of the court, in such case, is not subject to state limitation. Albert Trostel & Sons Co. v. Notz, 536 F. Supp. 2d 969 (2008).
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