No. 2 CA-CIV 3286.

125 Ariz. 127 (1980)

608 P.2d 64

Tom HUM and Josephine Hum, husband and wife, Plaintiffs/Appellants, v. Arthur PINNER and Elizabeth Pinner, husband and wife; Santa Cruz Ranch, Inc.; Clyde Watson and William Watson, Defendants/Appellees.

Court of Appeals of Arizona, Division 2.

Rehearing Denied February 13, 1980.

Review Denied March 4, 1980.

Attorney(s) appearing for the Case

Molloy, Jones, Donahue, Trachta, Childers & Mallamo, P.C. by John F. Molloy and Tobin Rosen, Tucson, for plaintiffs/appellants.

Chandler, Tullar, Udall & Redhair by Thomas Chandler, Tucson, for defendants/appellees Pinner & Santa Cruz Ranch.

Hirsch & Lindamood, P.C. by W. James Harrison, Tucson, for defendants/appellees Watson.


HOWARD, Judge.

Arthur and Elizabeth Pinner own all the capital stock in Santa Cruz, Inc. The main asset of the corporation is a 1,240-acre ranch located near Marana, Arizona. The Watsons leased the ranch from the corporation. Their lease gave them the right to renewal and also a right of first refusal on any sale of the ranch.

The Hums entered into a contract with the Pinners (stockholders) to buy all their stock in the corporation. Their agreement...

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