Gail transfers property to Tel Ko Corp.that she claims is valued at $5,000.The directors determine that the property is adequate to be exchanged for $5,000 worth of Tel Ko Corp.stock.Later it is discovered that the property's true value is $2,000.Under the RMBCA, which is true regarding Gail's liability?
A) She has none, since the directors' determination of adequacy of consideration was conclusive.
B) She is liable to the creditors of the corporation for the $3,000.
C) She is liable to the corporation for $3,000.
D) She is liable to both the corporation and its creditors for $3,000.
Correct Answer:
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