articles and bylaws, including stock transfer restriction agreements, constitute a contract between the shareholders themselves and between the corporation and the shareholders. See id. at 445. It is not a contract with the world at large. In order to be bound by such an agreement, an outside party must have notice of the restrictions. Id. at 446. See also Kelley, Glover & Vale v. Heitman, 220 Ind. 625, 685, 44 N.E.2d 981, 985 (1942) (enforcing validity of corporate note allegedly executed in violation of corporate bylaws and holding, “[pjersons who are not members or officers of a corporation are not affected in any of their rights by corporate by-laws of which they have no notice.”), cerf. denied; State ex rel. Koons v. First Nat’l Bank of Jeffersonville, 89 Ind. 302, 310 (1883) (<HOLDING>). A business’s internal bylaws or operating
holding that after the sale of stock former shareholders have no standing to file a claim against the corporation holding trial court erred in ordering that in event wife failed to pay equalization judgment to husband court clerk could automatically enter judgment against wife and order sale of stock in closelyheld family business holding stock transfer restriction in corporate bylaws did not prevent levy against and sale of stock by third party in order to pay judgment holding in action for breach of contract caused by wrongful foreclosure and sale of shares of stock plaintiff was entitled to recover the fair market value of the stock at the time of its sale holding transfer restriction granted right of first refusal in event of voluntary or involuntary transfer of stock