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Corporations Keyed to Hazen
Galler v. Galler
Citation:
203 N.E.2d 577 (1964)Facts
In March, 1954, Benjamin and Isadore Galler decided to enter into an agreement for the financial protection of their immediate families and to assure their families equal control of the corporation. When Benjamin fell ill, Emma agreed to permit Isadore’s son Aaron to become president for one year. In December 1957, Benjamin died. Shortly after Benjamin’s death, Emma went to the office and demanded the terms of 1955 agreement be carried out. When Emma refused to modify the agreement, defendants brought this suit. The July, 1995, agreement in question here, entered into between Benjamin, Emma, Isadore and Rose, recites that Benjamin and Isadore each own 47 1/2% of the issued shares of the Galler Drug Company.
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2m 27s