Articles Tagged with Chicago derivative suit and breach of fiduciary duty lawyers near you

Summary: After a founder dies, survivors often pivot from “we have a buy‑sell” to “we can force a redemption under the articles.” Courts care about doing it right—and about protecting the estate’s reasonable expectations.

Start with the contract you actually signed.
A written buy‑sell controls if it exists and is enforceable. Many set a fixed price (or formula), a target closing window, and a note if cash isn’t available—plus interim limits on dividends/comp and inspection rights for the estate until paid. If the company refuses to close or withholds life‑insurance proceeds tagged to the buy‑sell, specific performance is often the cleanest remedy.

If you rely on the Articles, follow the Articles.
Articles that restrict transfers typically require a written election within a set period, dueling appraisals (and sometimes a third), and a closing sequence tied to price determination and insurance proceeds. Skipping these steps risks having a “redemption” declared void ab initio.