Estate of H.A. True, Jr. - Page 221




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              Each of the buy-sell agreements also contained a provision              
          entitled “Further Assurances”.  The further assurances provision            
          of the partnership buy-sell agreements stated:                              
              Before any retiring Partner, former Partner, or other                   
              person selling his interest shall be entitled to receive                
              any money in payment of or on account of his partnership                
              interest * * * he shall deliver or cause to be delivered                
              to the remaining Partners such instruments as the                       
              remaining Partners may reasonably request in order to                   
              establish a record that the retiring Partner or a former                
              Partner’s interest in the partnership has passed to and                 
              become vested in the remaining Partners.                                
          The further assurances provision of the corporate buy-sell                  
          agreements stated that each of the stockholders and the relevant            
          corporation agrees “to make, execute and deliver to the other               
          parties all assignments, transfers or other documents necessary             
          to carry out and accomplish the terms” of the corporate buy-sell            
          agreements.  However, the corporate buy-sell agreements did not             
          state that the seller was not entitled to receive payment until             
          she supplied whatever documents were required.                              
              The buy-sell agreements required Jean True’s sales to be                
          made at formula prices based on book value.  The price provision            
          of the partnership buy-sell agreements provided that “The price             
          of any partnership interest or portion thereof shall be the book            
          value of the Selling Partner’s capital account as of the close of           
          business of the day immediately preceding the sales event.”  Jean           
          True’s giving notice of her intention to sell was the sales                 
          event.  The partnership buy-sell agreements therefore provided              
          that the price for Jean True’s sale of a partnership interest was           





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