- 7 - the Corporations and in the Partnership Interests. As a result, the sale to Parker of the stock in the Corporations was void. Also on February 4, 2000, petitioner signed a demand promissory note to repay to Parker the $100,000 that she paid to petitioner pursuant to the stock sale, plus the $35,000 that Parker paid for the Partnership Interests, with a 6-percent annual interest rate. Petitioner was discharged from bankruptcy on August 23, 2000. During 2000 through September 25, 2003, petitioner made a series of payments to Parker pursuant to the promissory note, the payments aggregating $28,933.23. The record does not indicate how much of these payments was interest and how much was principal; nor does it indicate how much of any principal payments was allocable to the $100,000. _____________________________________ Petitioner received the $100,000 from the sale of the Corporations’ stock without restrictions on his disposition of the $100,000; there were not any such restrictions in effect in 1996. 6(...continued) what they are or may be lawfully entitled to shall, as to such creditors, purchasers or other persons, their representatives or assigns, be void. This section shall not affect the title of a purchaser for valuable consideration, unless it appear that he had notice of the fraudulent intent of his immediate grantor or of the fraud rendering void the title of such grantor.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011