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Pursuant to the terms of the timber contract, Rayonier was to pay
the $517,076 purchase price, less $12,141 timber ad valorem
taxes, to an escrow agent, Francis M. Lewis (Lewis).1
Also on November 29, 1994, petitioner and Rayonier executed
a “MEMORANDUM OF CONTRACT”, reciting that they had as of that
date entered into the timber contract (referred to in the
Memorandum of Contract as a “Timber Indenture Agreement”),
whereby petitioner had conveyed to Rayonier:
All merchantable pine and hardwood timber suitable
for poles, sawtimber, or pulpwood, which are located
within * * * [the 95 acres].
* * * * * * *
And, subject to the provisions of * * * [the
timber contract], the right to cut and remove from the
above-described lands all and singular of the said
described trees and timber.
Petitioner recorded this memorandum of contract (but apparently
not the timber contract) in the real property deed records of
Laurens County, Georgia.
Also on November 29, 1994, petitioner and Rayonier executed
a “TAX FREE EXCHANGE AGREEMENT”. This agreement provides in
relevant part:
WHEREAS, * * * [Rayonier] and * * * [petitioner]
have entered into an Agreement for the purchase of
timber wherein * * * [petitioner] has agreed to sell to
1 Francis M. Lewis is an attorney licensed to practice in
the State of Georgia. He performed no services for petitioner
during the 2-year period preceding Nov. 29, 1994, and is not
related to petitioner.
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Last modified: May 25, 2011