Donald D. Bowers and Deborah Bowers - Page 11

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            Carey, Trustee" for the stated consideration of $20,000.6  This                            
            transfer was subject to the existing mortgages on the property,                            
            some of which mortgages were then in foreclosure proceedings.                              
            Out of the $20,000 placed in escrow, Florence herself received                             
            $14,223.60, $3,000 went to pay her bankruptcy attorney, and the                            
            remainder went to pay taxes and fees on the transaction.  At this                          
            time, the Burlington property was subject to three mortgages:                              
            the original 1978 first mortgage,7 the March 21, 1980, mortgage                            
            from United Bank & Trust Co., and the March 23, 1989, mortgage                             
            from Connecticut National Bank.                                                            
                  On July 27, 1989, Mr. Bowers entered into a contract with                            
            Leaders Real Estate (Leaders) in Farmington, Connecticut, giving                           
            the realty company exclusive right to sell the Burlington                                  
            property at a listed price of $279,900.  This contract was for                             
            the period of July 27, 1989, through August 27, 1989 (the first                            
            listing contract).  A second such contract was signed by Mr.                               
            Bowers on August 30, 1989, for the period of August 28, 1989,                              
            through September 28, 1989 (the second listing contract), with a                           
            listed price of $289,900.  Under the second listing contract,                              
            however, the parties agreed to allow an exclusion for a sale to                            
            Mr. and Mrs. Zbigniew Janas (the Janases).  Thus, if petitioners                           

            6 At that time, Florence thought that Mr. Carey was trustee                                
            for Mr. Bowers.                                                                            
            7 At this time, the first mortgage, securing the loan from                                 
            Hartford National Bank & Trust Co., was held by Shawmut Bank.                              

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Last modified: May 25, 2011