Deltona Transformer Corporation v. Deltran Operations USA, Inc., et al.

In an issue of first impression in Florida, the Fifth District interpreted the corporate buyout-election statute, section 607.1436(1), which deems an election to purchase a petitioning shareholder's shares 'irrevocable unless the court determines that it is equitable to set aside or modify the election.' Surveying a national split of authority, the court held that a trial court has equitable power to set aside or modify an election regardless of whether the electing party or the petitioning shareholder raises the matter. It reversed the valuation judgment and remanded because the trial court erroneously believed it lacked any authority to consider DTC's equitable motion.

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