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Morgan v. Cavalier Acquisition Corp.8/17/1993
2d at 269. "In order to become liable as a successor corporation for the debts of another corporation, there must at a minimum be a transfer of assets from the old corporation to the transferee corporation." Statesville Stained Glass v. T.E. Lane Construction & Supply, 110 N.C. App. 592, 430 S.E.2d 437, 441 (1993) (citing Budd Tire , 90 N.C. App. at 687, 370 S.E.2d at 269) (emphasis in original). Here, plaintiff has made this minimum showing. In its attempt to establish that defendant Acquisition Corporation is not a successor corporation to the dissolved corporation (Cavalier), defendant Acquisition Corporation relied on the affidavits of Mr.
Sarkisan and Mr. Kale inter alia. We conclude that these affidavits are insufficient to establish that Acquisition Corporation is not a successor corporation of Cavalier for summary judgment purposes. See Heather Hills Home Owners v. Carolina Cust. Dev., 100 N.C. App. 263, 266, 395 S.E.2d 154, 155, disc. rev. denied, 327 N.C. 634, 399 S.E.2d 327 (1990). Drawing all inferences against defendant Acquisition Corporation as movant and in favor of plaintiff as non-movant, we conclude that defendant Acquisition Corporation has failed to show that no genuine issue of material fact exists. Accordingly, we remand for trial as to this issue. Although we rest our decision here on plaintiff's forecast of evidence regarding one of the Budd Tire exceptions, we do not intend to foreclose plaintiff's right upon retrial to try to prove defendant Acquisition Corporation's liability by the other Budd Tire exceptions or by any other theory at trial. See Budd Tire, 90 N.C. App. at 687, 370 S.E.2d at 269.
IV.
In sum, we conclude that plaintiff's evidence raises genuine issues of material fact which a jury must determine. Since genuine issues of material fact exist regarding plaintiff's claims, we conclude that the trial court erred by granting summary judgment for defendants. For the reasons stated, we reverse the entry of summary judgment for defendants and remand the cause for trial as to all issues.
Reversed and remanded.
Disposition
Reversed and remanded.
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