1997

Commonwealth Transp. Comm’r v. Matyiko

Supreme Court of Virginia

253 Va. 1, 481 S.E.2d 468

Commissioners in condemnation proceeding awarded less than the amount previously paid Matyiko Investment Corp., pursuant to a certificate of take. Commonwealth filed motion for judgment seeking refund of $137,965 from former directors of the corporation, which had been dissolved, and all corporate assets distributed some eight years earlier. Trial court ruled for former directors. Supreme Court held that by the terms of the drawdown order, the directors knew of personal liability for a refund if the trial award was less than what the corporation was paid. Although this was a contingent liability at the time of the dissolution, the directors were required to make provision for the contingency before distributing the corporate assets. Reversed and final judgment.

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