Hoch v. Ellis

OPINION

RABINOWITZ, Chief Justice.

Charles Ellis and his wife Evalyn, as shareholders in B & E Enterprises, Inc., *1061owned the Norge Village Happy Hour Cleaners, a laundromat and dry cleaning operation in Fairbanks. The business operated out of a building owned by Bud Mey-eres. In 1967, the business was sold to the 3-H Corporation, an Alaska corporation. 3-H was a family operation with the majority of the stock owned by Edward A. Hoch.1 The sale of the business was for $154,500. 3-H put up $12,000 as down payment and earnest money. A promissory note for the remaining $142,500 was executed along…