J. Peyton Hunter, Jr., Petitioners v. Fort Worth Capital Corporation, Respondents

Summary

The Texas Supreme Court affirmed the trial court’s summary judgment, holding that Article 7.12 of the Texas Business Corporation Act bars the use of the equitable trust fund theory for post‑dissolution claims and therefore the former shareholders of Hunter‑Hayes are not liable for the plaintiff’s injuries. The Court also held that cross‑claims for contribution and indemnity are unavailable because the plaintiff has no cause of action against the shareholders. Justice Spears, dissenting, argued that the majority improperly limits the trust fund doctrine and would allow recovery against the shareholders.