American Bank, N.A. as Trustee of the Lisa Marie Buckley Trust and Co-Trustee of the John Buckley Jr. Trust and Kelly Rose Kinard Trust, John Buckley Jr. Trust, Lisa Marie Buckley Trust, Kelly Rose Kinard Trust, Together With John Buckley Jr., Lisa Marie Buckley, and Kelly Kinard, as Trustee, Co-Trustee and/or Trust Beneficiaries of the John Buckley Jr. Trust, Lisa Marie Buckley Trust and Kelly Rose Kinard Trust, and/or Shareholders v. Moorehead Oil & Gas, Inc., Moorehead Acquisition, LLC, and Moorehead Oil & Gas, LLC
This is an appeal regarding a summary judgment in a proceeding to determine the fair value of ownership interests in corporate stock under the Texas Business Organizations Code. Appellants, consisting of American Bank, N.A. as trustee, and the Buckley family members (John J. Buckley Jr., Lisa Marie Buckley, and Kelly Rose Kinard) as co-trustees and/or beneficiaries of their trusts, challenged the denial of their petition for stock valuation against Moorehead Oil & Gas entities. The key arguments on appeal were whether the Bank was the sole entity capable of requesting a valuation and if the limitations period was tolled due to the misnomer doctrine. The Court of Appeals affirmed the dismissal of Lisa Marie Buckley's claim as a beneficiary due to lack of standing, but reversed the remainder of the judgment, ruling that the first amended petition related back to the timely-filed original petition for limitations purposes and that American Bank, John J. Buckley Jr., and Kelly Rose Kinard had standing as trustees or co-trustees. The case was remanded for further proceedings.