Van Buren v. Highway Ranch, Inc.

The sole business of Highway Ranch, Inc., since its incorporation in 1930, has been the leasing of its one substantial asset, a 2294-acre wheat farm in Franklin county, Washington. From 1930 to 1953, the corporation leased this farm to Amiel Van Burén, who owns one third of the corporate stock. In 1953, the corporation, under the control of Robert D. McCornack, who holds voting rights in the remaining two thirds of the corporate stock, declined to renew Van Buren’s lease. Instead, it leased the farm to John McCornack, the son of .Robert D. McCornack.

Van Burén, dissenting from such corporate…