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  5. 563 N.W.2d 423 (1997)
 

LANE v. TRAVELERS INDEM. CO.

No. 19753.

563 N.W.2d 423 (1997)

1997 SD 58

Thomas E. LANE, Plaintiff and Appellee, v. The TRAVELERS INDEMNITY COMPANY, a Connecticut Corporation, Defendant and Appellant and First American Holding Company, Inc., a South Dakota Corporation, and E.J. Smith, individually, Defendants.

Supreme Court of South Dakota.

Decided May 21, 1997.

Rehearing Denied June 26, 1997.

Attorney(s) appearing for the Case

Curtis S. Jensen, DeMersseman Jensen, Rapid City, for plaintiff and appellee.

Roger W. Damgaard, James E. Moore of Woods, Fuller, Schultz & Smith, Sioux Falls, for defendant and appellant.

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...

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