case analysis

kfld1981 · 发表于 2012-3-22 20:50:52

Lucy Lawless formed a business to sell recording devices. She filed articles of incorporation which were approved, but had no bylaws, issued no stock, and held no directors' or stockholders' meetings.Lucy was the sole owner.Several of the establishments to whom she sold machines used the devices for producing copies of popular movies. Lucy was aware of the use, but did not participate.All devices were sold on an installment basis, all purchasers signed promissory notes and the machines were used as collateral. Lucy had sold the notes to a friend who gave her money as Lucy had cash flow problems. The police seized some of the machines before Lucy was fully paid.One machine with faulty wiring exploded as it was seized causing serious injury to the police officer and as bystander.

case analysis

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