Salt Lake City Corp. v. Cahoon & Maxfield Irrigation Co.

RUSSON, Justice:

Cahoon and Maxfield Irrigation Company (the Irrigation Company) appeals from the trial court’s entry of summary judgment in favor of Salt Lake City Corporation and Sandy City Corporation. We reverse and remand.

PACTS

The underlying dispute in this case arises out of two initially unrelated and separate purchases of Irrigation Company stock by Salt Lake City and Sandy City. Relying on a restriction contained in its articles of incorporation, the Irrigation Company refused to register and transfer to either Salt Lake City or Sandy City any of the stock involved in these purchases.

O…