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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 5
Vincent Meli was president of Flint Cold Storage (Flint) corporation, and his wife, Pauline, was secretary. Flint bought a life insurance policy on Vincent from Metropolitan Life Insurance Company (MetLife). Sometime later, Flint was dissolved. Twenty-five years after the dissolution, MetLife converted from a mutual insurance company owned by its policyholders, to a stock insurance company. As a result, MetLife had $188,000 payable to Flint, which it sent to the state unclaimed property office. Vincent died three years later. Pauline learned of the unclaimed $188,000 and tried to claim it in her capacity as an officer of a dissolved corporation. The state denied Pauline's claim, so she sued on behalf of Flint, alleging that although it had been dissolved 32 years previously, it had retained the right to sue. Did Flint have the right to sue for the funds?
Explanation
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Legal Reasoning:
In Flint Cold Storage ...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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