Court Holds That Directors Owe Fiduciary Duties to Creditors of Insolvent Corporation
The Minnesota Court of Appeals affirmed a Ramsey County District Court ruling that a corporate director violated the Minnesota Uniform Fraudulent Transfer Act (“MUFTA”) when she transferred proceeds from the sale of real estate to herself as a judgment lien holder, instead of satisfying corporate creditor obligations. In Alerus Financial, Nat. Ass’n v. Martin Holdings, […]