Andrew and Margita Zards et al. - Page 20

                                       - 20 -                                         
               We are convinced that, on some date, Good Shepherd acquired            
          title to the property.  A title insurance policy effective                  
          December 13, 1990, states that title to the property is, on that            
          date, in the name of Good Shepherd.  Nevertheless, we have in               
          evidence no deed or other document conveying title to Good                  
          Shepherd on that date or before.  We know that title to the                 
          property passed to Litas by quitclaim deed in September 1985.  We           
          also know that, in December 1985, Litas made the first Litas                
          indenture in favor of Salesian.  We also know that, in December             
          1986, Litas made the second Litas indenture in favor of Salesian.           
          There is no evidence that, during the years in question, Good               
          Shepherd assumed that Salesian obligation.  Petitioners' position           
          is that Litas, on behalf of Good Shepherd, assumed the Salesian             
          obligation.  Vebeliunas testified that Litas acted on behalf of             
          Good Shepherd in that respect.  Again, such testimony strikes us            
          as enlightened hindsight, and we give it no credence.  More                 
          importantly, if Litas was acting on behalf of Good Shepherd, it             
          was putting its own credit on the line when it made the two                 
          indentures.  There is, however, no evidence of any agreement by             
          Good Shepherd to reimburse Litas for any payments it was required           
          to make pursuant to the indentures.  The logic of that omission             
          is that Litas was an obligor on its own behalf, and not on behalf           
          of Good Shepherd.  We do not understand all that went on here,              
          but that is petitioners' fault.  They have the burden of proof.             
          Suffice it to say that they have not convinced us that Good                 




Page:  Previous  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  Next

Last modified: May 25, 2011