Back

Philip Turner and Elnora Turner vs. Lorenzo Shipping Coporation

PHILIP TURNER and ELNORA TURNER, Petitioners, vs. LORENZO SHIPPING CORPORATION, Respondent.

G.R. No. 157479 | 2010-11-24

THIRD DIVISION
D E C I S I O N

BERSAMIN, J.:

This case concerns the right of dissenting stockholders to demand payment of the value of their shareholdings.
 
In the stockholders' suit to recover the value of their shareholdings from the corporation, the Regional Trial Court (RTC) upheld the dissenting stockholders, herein petitioners, and ordered the corporation, herein respondent, to pay. Execution was partially carried out against the respondent. On the respondent's petition for certiorari, however, the Court of Appeals (CA) corrected the RTC and dismissed the petitioners' suit on the ground that their cause of action for...