Hum v. Pinner

OPINION

HOWARD, Judge.

Arthur and Elizabeth Pinner own all the capital stock in Santa Cruz, Inc. The main asset of the corporation is a 1,240-acre ranch located near Maraña, Arizona. The Watsons leased the ranch from the corporation. Their lease gave them the right to renewal and also a right of first refusal on any sale of the ranch.

The Hums entered into a contract with the Pinners (stockholders) to buy all their stock in the corporation. Their agreement contained, inter alia, the following provisions:

ARTICLE II

“K. That if title to the real property in Exhibit B be unmarketable at the time of…