United Independent Insurance Agencies v. Bank of Honolulu

OPINION OF THE COURT BY

TANAKA, J.

This is an appeal by plaintiff United Independent Insurance Agencies, Inc. (UIIA) from a summary judgment in favor of defendant Bank of Honolulu (Bank). The crucial legal question in the case is whether the sellers or the purchaser of all of the shares of stock of UIIA’s parent corporation. Federated Insurance Agency, Inc. (Federated), which had been pledged by the sellers to Bank, had the right to vote those shares. We hold that because the record discloses a genuine issue of material fact determinative of the legal question, the lower court erred in granting…