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What is Dulay Enterprises vs CA: Validity of Sale about?

Manuel R. Dulay Enterprises, Inc. sued the Court of Appeals regarding the sale of a property owned by the corporation. [1] Manuel Dulay, as president of the corporation, sold the property to Maria Veloso through a board resolution, though not all board members approved. [2] Maria Veloso then mortgaged the property, and it was sold at an auction when she failed to pay. [3] The Court ruled the sale was valid because the corporation was a close corporation, so board approval was not necessary to bind it to the

Author

Bill Mar

Language

EN