Simenstad v. Hagen

The record reveals the following facts. On November 14, 1947, the parties were all directors of the Bank of Osceola, and owned the following number of shares of the bank’s stock:

Lien O. Simenstad.................. 28 shares

Iver M. Hagen.....................48 shares

B. J. Zimmerman...................51 shares

Eugene L. Beyl.................... 32 shares.

There were 600 shares of capital stock then outstanding, 301 of which were owned by the Segregated Trust of the Bank of Osceola. On the aforementioned date, the parties entered into a written contract which contained the following provisions:

“Whe…