Legal Memorandum: Directors' Liability for Due Care

Issue: What legal resources address the specific statutory liability of officers and directors for breach of their duty of due care?

Legislation, State

Surveys:

• Dennis J. Block & Jonathan M. Hoff, New State Laws Limit Directors’ Liability, N.Y.L.J., Sept. 17, 1989, at 5.

• Harvey Gelb, Director Due Care Liability:  An Assessment of the New Statutes, 61 Temp. L. Rev. 13 (1988).

• James J. Hanske, Jr., Evaluating Recent State Legislation on Director and Officer Liability Limitation and Indemnification, 43 Bus. Law. 1207 (1988).

• Dale Oesterle, The Effect of Statutes Limiting Directors’ Due Care Liability on Hostile Takeover Defenses, 24 Wake Forest L. Rev. 31 (1989).

• Jeffrey S. Rosenberg, Of Synergies of Evidence and Section 402(b)(1):  Hanson Trust, Revlon, Van Gorkum, and the Imminent Demise of the First Wave of Corporate Director Liability Statutes, 52 Alb. L. Rev. 559 (1988).

• Jeffrey P. Weiss, The Effect of Director Liability Statutes on Corporate Law and Policy, 14 J. Corp. L. 637 (1989).

• Clay R. Williams, et al., A Comparison of Statutory Solutions to Directors’ Exposure to Liability, 38 Fed’n Ins. & Corp. Couns. Q. 215 (1988).

Individual States:

Alabama

• Mark W. Macoy, A Call for Statutory Limitation of Director Liability in Alabama, 42 Ala. L. Rev. 195 (1990).

Delaware

• David S. Shaffer, Jr., Delaware‘s Limit on Director Liability:  How the Market for Incorporation Shapes Corporate Law, 10 Harv. J.L. & Pub. Pol’y […]