Polsky v. Virnich

Summary

The central dispute in this case raises the question whether officers or directors who are the sole owners of a corporation may manage that corporation for their own benefit at the expense of the corporation and its creditors. Existing case law suggests conflicting answers to this question, and its ultimate resolution presents a significant policy issue that is likely to have statewide impact on corporations, the banks who lend to them, and others who contract with them.