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In connection with the purchase by Mark Bowman,
D.D.S., of an interest in the partnership, now known as
Capps and Bowman, Bowman executed a Promissory Note dated
May 1, 1992 in the original amount of Three Hundred
Sixty-Six Thousand, Six Hundred Seventy-Seven Dollars
($366,677.00) in favor of Robert Capps, D.D.S., PC, which
said Promissory Note is repayable in monthly installments
of Four Thousand, Six Hundred Forty-four and 76/100
Dollars ($4,644.76) on the first (1st) day of each
calendar month over a ten (10) year period with interest
at the rate of nine percent (9%) per annum beginning June
1, 1992 with monthly payments thereafter until paid in
full. Husband [Dr. Capps] hereby agrees that as and when
Husband receives payments under the terms of the
Promissory Note, Husband shall pay to Wife [petitioner]
the full sum of One Thousand, Seven Hundred Fifty Dollars
($1,750.00) until such Promissory Note is paid in full,
or otherwise is satisfied or becomes uncollectible.
Although it appears to the Court that the Corporation owned
the Note, that Dr. Bowman made payments to the Corporation, that
Dr. Capps received moneys from the Corporation, and that Dr.
Capps made payments to petitioner, Dr. Capps and petitioner
seemed to treat the Note as owned by Dr. Capps. Because it makes
no difference in our ultimate resolution of this case, we
generally will consider the matter as did Dr. Capps and
petitioner.
Dr. Capps testified that he considered the Note to be part
of the “business marital division of the marriage.” He would
make payments to petitioner only if Dr. Bowman paid him. Dr.
Capps also said that Dr. Bowman was to continue paying him and
then he (Dr. Capps) would issue a check to petitioner. The
monthly payments to petitioner were to continue until the
Corporation’s Note was paid in full or otherwise became
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Last modified: May 25, 2011