California Court of Appeal

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Azure Limited v. I-Flow Corp., G038167

In a breach of fiduciary duty action alleging defendant wrongfully transferred corporate shares to the State of California as escheated property without notice, judgment on the pleadings for defendant based on immunity under Unclaimed Property Law (UPL) is reversed where: 1) the UPL immunizes corporations from civil liability only when they transfer escheated shares to the state in compliance with provisions of the UPL; and 2) the UPL does not immunize corporations like defendant who allegedly transfer non-escheated shares to the state without giving the required notice.

Appellate Information

  • Decided 05/27/2008
  • Published 05/27/2008

Judges

Court

  • California Court of Appeal

Counsel

  • For Appellant:
  • Shapiro, Rodarte & Freedman, Carl W. Shapiro, Leora D. Freedman and Thomas W. Foote, Los Angeles, for Plaintiff and Appellant.

  • For Appellees:
  • Gibson, Dunn & Crutcher, Jeffrey H. Reeves, J. Scot Kennedy, and John N. Carter, Irvine, for Defendant and Respondent.
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