Folio v. Briggs

*31OPINION

Summary judgment was entered in favor of respondent Mitzi S. Briggs (Briggs) and against appellant Bernard Folio (Folio) pursuant to the district court’s perception of the meaning and effect of NRS 463.510(1).1 Since we do not agree with that perception of the statute, we must reverse.

On or about February 15, 1977, Briggs entered into a stock purchase agreement with Anthony Torcasio. Under the terms of the agreement, Torcasio and his assigns were given the option to purchase 5 percent of the total issued capital stock of Hotel Conquistador, Inc.2 The latter corporation was, on the date…