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Salemi v. TMR Exploration, Inc., 2016 CA 0567 (La. App. 1 Cir. 6/13/17). The Louisiana Court of Appeal ruled that Sec. 12:1502 of the Louisiana corporation law, which sets forth limitations periods for filing lawsuits against officers, directors, shareholders, etc. of business organizations formed under the laws of the state does not apply to the officers, directors, shareholders, etc. of corporations incorporated in another state but qualified to do business in Louisiana. The plain language of the statute establishes that the legislature meant Sec. 12:1502 to apply only to domestic corporations. Thus, the trial court erred in finding that the plaintiff’s action against an officer of a Texas corporation, qualified to do business in Louisiana, was barred by the statute of limitations.
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