Inferrera v. Strado Kitchens, Inc.
Inferrera v. Strado Kitchens, Inc.
Opinion of the Court
1. It is clear from the provisions of arts. 1, 3, 5 and 9 of the “stock redemption” agreement of August 27, 1970 (agreement), (a) that the only insurance monies which the corporation would be entitled to use in purchasing the shares of a deceased shareholder were to be (i) the proceeds of the life insurance policies specifically listed in art. 1 of the agreement and (ii) the proceeds of such “additional policies [as] shall be recorded on attached Schedule A” and (b) that any alteration, amendment or modification of the agreement would have to take the form of a writing signed by all three parties to the agreement. It is equally clear from the subsidiary findings of the master that there was no “Schedule A” in existence when the agreement was executed, that the $25,000 policy which is in dispute between the parties was not purchased until some time thereafter, and that the “Schedule A” which purported to list that policy as one of those which was to be used in purchasing the shares of a deceased shareholder and which was physically attached to the agreement when it was offered in evidence before the master had not been signed by any of the parties to the agreement. There is nothing in the truncated portions of the transcript of the evidence before the
So ordered.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.