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State court of last resort · ST-VA-SC
Commonwealth Transportation Comm'r v. Matyiko
No. 960433Supreme Court of Virginia
960433 Commonwealth Transportation Comm'r v. Matyiko 01/10/1997 Since, at the time the board of directors of a corporation distributed its assets they had knowledge that an anticipated condemnation award in fa…
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960433 Commonwealth Transportation Comm'r v. Matyiko 01/10/1997 Since, at the time the board of directors of a corporation distri…
- Court
- Supreme Court of Virginia
- First added here
- October 4, 2026
- Last entry
- January 10, 1997
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960433 Commonwealth Transportation Comm'r v. Matyiko 01/10/1997 Since, at the time the board of directors of a corporation distributed its assets they had knowledge that an anticipated condemnation award in favor of the corporation possibly would be less than the amount distributed under an interim "drawdown" order, they could not rely on opinions of an attorney and an accountant and the trial court's erroneous ruling that they acted in good faith is reversed. Final judgment is entered for the Commissioner.
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· Supreme Court of Virginia
Reversed
The court's record, as written
960433 Commonwealth Transportation Comm'r v. Matyiko 01/10/1997 Since, at the time the board of directors of a corporation distributed its assets they had knowledge that an anticipated condemnation award in favor of the corporation possibly would be less than the amount distributed under an interim "drawdown" order, they could not rely on opinions of an attorney and an accountant and the trial court's erroneous ruling that they acted in good faith is reversed. Final judgment is entered for the Commissioner.
Outcome words in this text: reversed.
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