Order: Court dismissed dividend case by Avícola Villalobos

On April 2, 2024, the Twelfth Civil Court of First Instance denied a claim filed by Avícola Villalobos, S.A. seeking to declare that it no longer owed dividend payments to Lisa, S.A. Villalobos had argued that dividends approved by its shareholders in May 2012 were not claimed within the five-year statutory period and were therefore extinguished by prescription. Lisa, S.A. did not appear in court, and Villalobos attempted to use that absence to support its claim.

Despite Lisa’s default, the court found that Villalobos failed to prove when the dividends became legally enforceable—an essential element for calculating prescription. The act approving the dividends did not specify a payment date, and Villalobos offered no reliable evidence that Lisa could access its funds without restrictions. As a result, the judge ruled that prescription could not be confirmed and ordered Villalobos to pay court costs.