Little v. X-Pert Corp.

in which HIGHTOWER, DOGGETT, GAMMAGE and SPECTOR, Justices, join.

At issue in this case is who is entitled, under a Buy-Sell Agreement between the shareholders of a closely held corporation, to the proceeds of a life insurance policy taken out on a former shareholder at a time when he still owned shares. The corporation commenced this declaratory judgment action against the former shareholder’s estate and the insurance company, claiming to be entitled to the proceeds. The trial court rendered summary judgment for the corporation, and the court of appeals affirmed. 856 S.W.2d 739 (1992). We…