National Bank of Alaska v. J. B. L. & K. of Alaska, Inc.

OPINION

Before RABINOWITZ, C. J., and CONNOR, ERWIN and BURKE, JJ. ERWIN, Justice.

This action arises from a contract entered into by predecessors in interest of the present parties.1 It was treated by the court below as a suit for an accounting, but the nature of the case is in dispute on this appeal.

Effective January 1, 1962, Kodiak Insurance and Building Corporation, an entity which was owned by the National Bank of Alaska as successor to the Bank of Kodiak, sold its insurance agency business to Arthur Brooks. Under the contract of sale, Brooks was required to pay:

an amount equal to 15% of…