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facility, a bank officer advised petitioners to move.
Petitioners moved and closed the business in 1992. As a result,
petitioners lost their investment in the venture.
When the business closed, petitioners returned the items
that artists had brought to the gallery on consignment and sold
other business assets at wholesale prices to pay off expenses.
In addition, petitioners sold their livestock at cost. Mrs.
Acuncius took a job as office help in a furniture company at a
lower income than her income from Southwest Concepts, and Mr.
Acuncius was unable to find steady work.
As a result, petitioners were unable to make payments on
their house. Their house was foreclosed on in 1993 or 1994.
After the house was foreclosed on, petitioners moved in with
their daughter, then to an apartment in Granbury, Texas, and then
to a ranch in Oklahoma, where they worked as caretakers. By
1997, petitioners were renting a modular home near Cresson,
Texas. Petitioners did not have their mail forwarded each time
they moved.
On April 15, 1993, BankTEXAS sent petitioners a notice that
the note of $32,000 would be due on April 20, 1993. Petitioners
did not receive this notice because they were no longer residing
at the address on the notice. BankTEXAS continued to mail
notices to petitioners at its address of record--the address on
the loan application.
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Last modified: May 25, 2011