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WSAI5 4/06/89 53,000
On February 27, 1987, the Navars lent $10,000 to WSAI, and
received the following note:
Entity Date Amount
WSAI 2/26/87 $10,000
With the exception of one of the Foss notes, each new note
reflected a rollover of the obligation on the prior note. For
the months of January, February, March, and April 1989, all
interest payments due on the notes to the Fosses, Navars, and
Posas were made in the name of WSAI.6
In 1988, 16 of the 18 units were sold, two of which were
purchased by Ackerman. The stated purchase prices and dates of
purchase for the 16 units were as follows:
Purchase Purchase
Purchaser Condo Date Price
Thomas J. & Unit A, 9-16-88 $65,9007
Michelle L. Ackerman Bldg. A
5See supra note 4.
6The record does not indicate the source of the funds used
to make the first 4 months’ interest payments in 1989.
7Ackerman borrowed $100,000 to purchase the two condominium
units, and testified that he performed approximately $15,000
worth of work on each of them. While the statutory conveyance
fee for each of the units was $65.90, representing 1 percent of
the purchase price, the way we decide this case does not require
a factual determination of how much Ackerman actually paid for
each of the units. We do find that the stated purchase prices
for the 14 units purchased by the unrelated parties were the
actual purchase prices.
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