- 6 -
into his account at Colonial Bank, the bank cleared for
payment and paid four outstanding checks that petitioner
had drawn on his account to the order of "Harbour View
Fleet & Leasing". The record does not describe the
relationship of that entity to petitioner or the nature of
the payments petitioner made to it. The following is a
list of the amounts and dates of the four checks cleared
from petitioner's account at Colonial Bank:
Check Amount Date Cleared
$235,533 8/11/89
216,149 8/14/89
241,819 8/14/89
192,439 8/16/89
Total 885,940
The parties to this case have stipulated that Colonial
Bank suffered a loss during 1989 in the amount of $886,026,
the aggregate amount of the checks that Tarrant Bank
returned due to insufficient funds, as opposed to $885,940,
the aggregate amount of the checks paid by Colonial Bank.
Similarly, petitioners admit receiving income from Colonial
Bank during 1989, in the amount of $886,026. At all times
during 1989, petitioners were insolvent by more than
$886,026.
When the Motion, Inc., checks were returned unpaid,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011