- 11 -
grandchildren. The annuity agreement further provided that the
land decedent transferred would not be security for the annuity
payments due from the grandchildren to decedent. The agreement
also provided that each grandchild's undivided one-fourth
interest in the four parcels was to be that grandchild's sole and
separate property.
On August 29, 1989, decedent by warranty deed conveyed to
each of her grandchildren an undivided one-fourth interest in the
four parcels. The warranty deed was executed by decedent on
August 29, 1989, and was recorded by the grandchildren on
September 8, 1989.
Decedent's four grandchildren entered into their Cullison
Enterprises partnership agreement (partnership agreement) on
August 29, 1989. The partnership agreement provided that the
partnership would commence on August 29, 1989. The partnership's
stated purpose was to own, manage, or perform work on any farms
or agricultural lands. The partnership agreement restricted the
partners' ability to sell their interests in the partnership to
third parties. In addition, upon the partnership's liquidation,
any partner would have the right to bid on the partnership's
assets, and the bid would have to be accepted unless an
outsider's bid on the assets was at least 20 percent higher.
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