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Utah Resources International, Inc. v. Mark Technologies Corp., 2014 UT 59, -P.3d- 2014 UT 60, -P.3d- (Dec. 23, 2014)

Dec 23, 2014

These companion cases involve the same underlying fair value proceedings initiated by dissenting minority shareholders. In 2014 UT 60, the court affirmed the district court’s refusal to rule on URI’s motion for abatement of interest on the judgment under Rules 60(b) and 62. The court explained that district courts are not empowered to abate interest under those rules, and that the proper way to abate interest pending appeal would be to tender payment and then seek a satisfaction of judgment under Rule 58B.

In 2014 UT 59, the court addressed the related issue of whether a judgment debtor waives his right to appeal by voluntarily paying a judgment. The general rule is that “if a judgment is voluntarily paid, which is accepted, and a judgment satisfied, the controversy has become moot and the right to appeal is waived.” The Court clarified that while this general rule remains valid, a judgment debtor may preserve his right to appeal as long as the intention of preserving the right to appeal is “made to appear” clearly on the record.The case also contains a useful discussion of the circumstances under which various valuation discounts may be applied in valuing dissenters’ shares.