- 12 - between the Gouveias and the Pago Trust are, with only minor exceptions, identical to those contained in the property agreement between CPS and the Pago Trust, and the formats of the two agreements closely resemble each other. After the Gouveias transferred the Prado Road property to the Pago Trust and through 1998, petitioner supervised repairs and improvements made by tenants and contractors to the inside and outside of the buildings, oversaw maintenance and landscaping work, responded to tenant complaints, signed new lease agreements, and paid all of the expenses related to the property from the Pago Trust’s bank account. Petitioner did not perform his management duties full time but tended to the Pago Trust’s business “after hours”. To facilitate petitioner’s payment of expenses attributable to the Prado Road property and, later, the Cross Street property, which we discuss below, petitioner and Mr. Norton met approximately three to four times each year. During these meetings Mr. Norton signed checks drawn on the Pago Trust’s bank account.14 Petitioner had usually filled out in advance the checks that Mr. Norton signed, but Mr. Norton also regularly signed groups of blank checks for petitioner’s use. In addition, 14Mr. Norton’s compensation for acting as trustee of the Pago Trust ranged from $250 to $500 per year.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011