First Security Bank of Idaho, N.A. v. Murphy

WALTERS, Justice.

This is an appeal from the district court’s award of summary judgment in favor of the defendant shareholder and general manager of Ace Supply, Inc., arising out of the interpretation of a shareholders’ agreement providing for a corporate buy-back of stock upon the death of a shareholder of the closely held corporation. We vacate the order granting summary judgment to the defendant and remand the case for further proceedings.

FACTS AND PROCEDURAL BACKGROUND

In 1969, the three shareholders of Ace Supply, Inc., drew up an agreement to restrict the sale of the corporation’s stock…