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State Courts -
Indiana - May 18 - May 22, 2006
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Purcell v. S. Hills Invs., LLC, No. 49A05-0504-CV-191,
COURT OF APPEALS OF INDIANA, FIFTH DISTRICT, May 22, 2006, Decided , May 22, 2006, Filed
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Overview: Common law fiduciary duties were held to apply to Indiana Limited Liability Companies (LLCs). A judgment in favor of a LLC against its manager was upheld on appeal where the record showed that the manager breached his fiduciary duties to the LLC by causing a personal loan to himself and failing to turn over sums paid by other companies to the LLC.
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