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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.
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