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marine sales and service business but expressly
does not include any boats, new outboard or
inboard motors, new outdrive units or boat
trailers.
(b) All of the equipment used and owned by
[Arizona Marine] in connection with its marine
sales and service business, including but not
limited to furnishings, fixtures, leasehold
improvements, tools and other personal property.
* * * [Arizona Marine] makes no representation of value
or amount of inventory or equipment and Burns expressly
agrees to accept whatever is present at the premises at
the date and time set forth in paragraph 1. * * *
* * * * * * *
5. Burns acknowledges complete satisfaction of
all remaining obligations due Alton W. and Pamela A.
Burns under the Promissory Note * * *.
The agreement relating to petitioners' lessor's lien and
security interest in certain Arizona Marine property, also
entered into on May 9, 1980, provides:
[I]n consideration of payment from [Mr. Lieberman] to
BURNS in the sum of Twenty Thousand Dollars
($20,000.00), the adequacy and receipt of which is
hereby acknowledged, BURNS agrees as follows:
1. BURNS releases any and all claims ALTON W.
BURNS and PAMELA A. BURNS may have upon the collateral.
After repossession of Arizona Marine, petitioner husband
testified that petitioners received roughly $15,000 of
"inventory", in addition to the $20,000 settlement check from the
Liebermans. Petitioner husband also testified that petitioners
paid their legal fees from the Arizona Marine transaction by
signing over the $20,000 settlement check to their attorney, and
paying approximately $3,000 to $4,000 out of their own pocket.
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Last modified: May 25, 2011