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petitioner in the amount of $2,869, which was given to Sheldon
"in the form of N.S.A. water filters, literature and sales aids".
Sheldon promised to pay said amount no later than October 15,
1990. Petitioner stated that he had purchased the water filter
units for resale; however he transferred these units, plus
affiliated paraphernalia, to Sheldon. The record does not
reflect petitioner's cost of the transferred assets.
On October 19, 1990, a document entitled "PROMISSORY DEMAND
NOTE" was signed by Sheldon as president of Time To Share. In
this document, Time To Share acknowledged an indebtedness to
petitioner in the amount of $32,722, which consisted of: (1) The
June 18, 1990, note of $27,000; (2) the October 9, 1990, note of
$2,869; (3) the order for NSA materials of $1,785; and (4) the
cash loaned July 25, 1990, in the amount of $1,068. The
promissory demand note further provided:
This note is due and payable on November 1, 1990, and no
notice whatsoever, either oral or written shall be required
on the part of Douglas V. Merante and Magdalene Merante.
Interest shall be calculated from the date of each
respective loan as listed herein at a rate of 10 percent per
annum.4 Demand shall be deemed made for the full amount on
November 1, 1990.
TIME TO SHARE HEREBY WAIVES any and all recourse regarding
the indebtedness listed herein and ACKNOWLEDGES THAT ALL
MONIES LISTED HEREIN ARE OWED TO DOUGLAS V. MERANTE AND
MAGDALENE MERANTE AS JUST BUSINESS DEBTS.
4 This is the first point in time that any mention of
interest appears.
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