Lane v. Travelers Indemnity Co.

GILBERTSON, Justice.

[¶ 1.] Travelers Indemnity Company appeals from the judgment denying its motion for summary judgment and granting Thomas E. Lane’s [hereinafter Lane] cross-motion for summary judgment. We reverse.

FACTS AND PROCEDURE

[¶ 2.] In October 1988, Lane entered into a stock purchase agreement with E.J. Smith [hereinafter Smith] and First American Holding Company [hereinafter Holding Company] whereby Lane sold all of his shares of common stock in First American Systems. Smith was the president of the Holding Company. He purchased Lane’s stock through the Holding Company but also…