Jensen v. Ramras

OPINION

BURKE, Justice.

I

On December 24, 1985, Alaska Culinary Management, Inc. (ACM) purchased a restaurant, Clinkerdagger, Bickerstaff & Petts, from Restaurants Unlimited, Inc. (RU). In order to purchase the restaurant, the shareholders of ACM, Timothy Jensen, Rhonda Curwen, James Dodson, Keith Hull and Dorothy Ramras, executed a promissory note in favor of RU for $433,269.39. 1

The shareholders then entered into the cross-indemnity agreement, which is at issue in this ease. In pertinent part, the cross-indemnity agreement provides:

2. Cross Indemnity. If one or more of the undersigned is…