Opinion ID: 4368550
Heading Depth: 3
Heading Rank: 2

Heading: Rumac, Inc.

Text: Olin and Edna were among Rumac, Inc.’s original shareholders. Rumac’s principal asset is an ownership interest in land beneath an Anchorage hotel. The hotel leases the land and makes monthly payments to Rumac. Patricia was secretary and treasurer before Olin died; she then became president and Gayle became secretary. After Olin’s death some Rumac shares were distributed evenly between Patricia’s and Gayle’s families. Patricia also held some shares in trust for her and Gayle in the KOR and ELR trusts. Section 9.03 of the KOR and ELR trusts gave Patricia sole voting power over Rumac stock held in any trust created by Olin or Edna. This provision apparently was intended to prevent a voting deadlock between Gayle’s and Patricia’s families; a conflict between this provision and the KOR and ELR trusts’ -3- 7336 appointments of the bank as the sole trustee of Gayle’s individual trust would become apparent later.