[WSBARP] Duty Owed to Deceased's Entity?

[Eric Nelsen]

As shareholder, no; I think the caselaw is pretty clear that shareholders don't have fiduciary duties to the company, merely by being shareholders. However, in a closely held corporation, if the CEO/President/Manager/Whatever has died and no one's running the place, the Estate may need to vote shares to elect a new officer. But I don't think even that rises to a "duty" under the law; except maybe PR's duty to preserve/maintain assets during pendency of the Estate?

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Samuel M. Meyler
Sent: Tuesday, August 18, 2015 9:40 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Duty Owed to Deceased's Entity?

Listmates,

Does the Estate and/or Personal Representative of a deceased major shareholder of a corporation owe any fiduciary duties to the entity?


Samuel M. Meyler
Attorney at Law
Mail:  P.O. Box 777 | Redmond, WA 98073-0777
Location:  8201 164th Ave. NE, Suite 200 | Redmond, WA 98052
Tel:  425.881.3680 | Fax:  425.881.1457 | Email:  samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>

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