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  • What is fiduciary duty relevance to shareholders? In North Dakota, shareholders (or members) of closely held corporations (or llcs) owe each other a fiduciary duty of utmost loyalty and good faith. See Schumacher v. Schumacher, 469 N.W.2d 793, 797 (N.D. 1991). The duty protects shareholders from oppressive or unfair tactics by other shareholders.  Breach of this duty gives rise to a breach of [...]

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