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Palmer Corp. owns 90% of the stock of Sanders Corp. Sanders owes $100,000 to Bank of America but has only $50,000 in its accounts. The

  1. Palmer Corp. owns 90% of the stock of Sanders Corp. Sanders owes $100,000 to Bank of America but has only $50,000 in its accounts. The two corporations have separate officers, directors, offices, and accountants, and the board of Sanders makes decisions for Sanders without any input from Palmer. May Bank of America recover the remainder of its debt from Palmer because it is the majority stockholder of Sanders? Discuss.

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