Private Lands, Inc. v. Smith

SPICER, P.J., Specially Presiding,

— Plaintiff filed an action in equity seeking to compel defendant to specifically perform an agreement to sell stock. Plaintiff is a corporation and defendant a shareholder therein;

The corporation and its shareholders entered into a stock restriction agreement sometime in 1976. According to section 2(a) of the agreement, the corporation had an option of purchasing shares at book value when a shareholder delivered a written notice to sell a stated number of shares. Book value was to be determined under section 4 “by an appraisement made by three (3) persons,…