Sulphur Export Corp. v. Carribean Clipper Lines, Inc

277 F. Supp. 632 (E.D. La. 1968)

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Nature of the Case

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Facts

Sulphur (P) sued Carribean (D) to recover damages resulting from an alleged breach of a charter party. D's articles required that it have $1000 paid in capital. The individual defendants conducted business under the corporate name knowing that it had not received its minimum paid in capital required by its charter. This was in violation of Louisiana law, and the penalty for such violation under that law was joint and several liability for nondissenting directors and participating officers of the corporation.