- 23 - our negotiations, they were aware that I was the chief partner and I had purchased Mr. McDaniel's interest." Such testimony does not establish that NationsBank/Amresco was aware of any assumption by Mr. Palermo of Mr. McDaniel's partnership obliga- tions. On the present record, we find that petitioners have failed to meet their burden of showing that NationsBank/Amresco knew of any assumption by Mr. Palermo of Mr. McDaniel's partnership obligations. We further find on that record that petitioners have failed to satisfy their burden of showing that they comply with the requirement of section 620.735 that a creditor of a partnership which is dissolved know of any agreement by a person to assume that partnership's existing obligations. Petitioners have also failed to persuade us on the instant record that the third and last requirement under section 620.735(3) is satisfied. That is because they have failed to show that NationsBank/Amresco consented during 1993 to a material alteration in the nature or time of payment of the 1989 note. On the record before us, we reject petitioners' contention that NationsBank "made a material alteration in the time of payment of the partnership loan by not insisting on a lump sum payment of principal on April 12, 1993 but allowing the payment of interest only". The express terms of the 1989 note, the Second Street mortgage relating thereto, and Mr. McDaniel's guaranty, the firstPage: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Next
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