Schmidt v. Financial Resources Corp.
Arizona Court of Appeals
680 P.2d 845 (1984)
- Written by Heather Whittemore, JD
Facts
Walter H. Schmidt (plaintiff) sued American Leasco and received a judgment of $30,000, of which $25,000 was for punitive damages. While the lawsuit was pending, American Leasco merged into Financial Resources Corporation (defendant). Schmidt learned of the merger and tried to collect his judgment from Financial Resources, but Financial Resources denied liability. Schmidt filed a lawsuit in Arizona state court against Financial Resources to collect the judgment. The superior court granted summary judgment for Schmidt. Financial Resources appealed, arguing that it was not liable for the judgment debt. In the alternative, Financial Resources argued that it could not be held liable for the punitive-damages portion of the judgment.
Rule of Law
Issue
Holding and Reasoning (Birdsall, C.J.)
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