In a New York Business Divorce, a Petition for Dissolution Triggers Buy-Sell Agreements

BVLaw
Court Case Digests
November 23, 2021
7500 Automotive repair, services, and parking
811111 General Automotive Repair
buy/sell agreement
buy-sell agreement, buyout, shareholder agreement, dissolution, stock value

Collins v. Tabs Motors of Valley Stream Corp.
2021 N.Y. Misc. LEXIS 6058; 2021 NY Slip Op 32438(U)
US
State Court
New York
Supreme Court
Robert R. Reed

Summary

In this New York business divorce case, the court held that the shareholders agreement was enforceable, as well as the stipulated value of the buyout price as determined in Schedule B of the shareholders agreement. Claims by petitioners of breach of fiduciary duty and related claims, including a years-old certificate of value, were not sufficient to overcome the unambiguous terms of the buy-sell agreement.

See Also

Collins v. Tabs Motors of Valley Stream Corp.

In this New York business divorce case, the court held that the shareholders agreement was enforceable, as well as the stipulated value of the buyout price as determined in Schedule B of the shareholders agreement. Claims by petitioners of breach of fiduciary duty and related claims, including a years-old certificate of value, were not sufficient to overcome the unambiguous terms of the buy-sell agreement.