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OHACO SHEEP CO., INC. v. HEIRS OF OHACO

No. 1 CA-CIV 7519.

148 Ariz. 142 (1986)

713 P.2d 343

OHACO SHEEP CO., INC., an Arizona corporation, Defendant-Appellant, v. HEIRS OF Mike OHACO, to wit: M.J. Ohaco, Lillian O. McNally, Viola O. Anderson, Mary Delores Pafford; Heirs of Jose Antonio Manterola, to wit: Marianne Manterola, individually, First Interstate Bank as co-trustees of the Trust under the will of Jose Antonio Manterola for the benefit of Sylvia Manterola, Jose Antonio Manterola, Jr., Carmen Manterola Auza, Marie Manterola Guappone; Heir of Mario Jorajuria, to wit: Fidel Jorajuria; as claimants on computer number 5390, Defendants-Appellees.

Court of Appeals of Arizona, Division 1, Department D.

January 16, 1986.

Attorney(s) appearing for the Case

DeConcini, McDonald, Brammer, Yetwin & Lacey by Kenneth C. Sundlof, Jr., Phoenix, for defendant-appellant.

Lawrence O. Anderson, Phoenix, for defendants-appellees Ohaco heirs.

Stewart & McLean, Ltd. by Deirdre O. Stewart and Harry A. Stewart, Jr., Phoenix, for defendants-appellees Jorajurias & Manterolas.

JACOBSON, Judge.

The issue in this appeal is whether heirs of former shareholders in a corporation are entitled to share in a newly discovered asset of the corporation, absent a breach of fiduciary relationship or fraud at the time the former shareholders sold their stock.

This appeal arises out of the dissolution and distribution of the assets of the Arizona Woolgrowers Association, a non-profit corporation. That proceeding determined that Ohaco Sheep Company...

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