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The third document, titled “Instructions to Hoyt and Sons Ranches
-- Acknowledgement of Appointment of Power of Attorney”,
provided:
(1) I have given Walter J. Hoyt III the irrevocable
authority to sign my name to a Certificate of Assumption of
Primary Liability Form as part of a transfer on a full
recourse Promissory Note in the amount of $75,000.00, that
will become part of a transfer of debt agreement between me,
the Partnership known as Shorthorn Genetic Engineering 1986
Ltd., and HOYT & SONS RANCHES, said note having been
delivered to HOYT & SONS RANCHES to pay for breeding cattle
purchased from HOYT & SONS RANCHES, an Oregon Partnership,
in Burns, Oregon, which are to be held as breeding cattle by
the above named Partnership. This authorizes Mr. Hoyt to
sign my name on the notes that were made for the purchase of
Registered Durham Breeding cattle from HOYT & SONS RANCHES,
and no other purpose. I understand I will owe this amount
directly to HOYT & SONS RANCHES, and not to my partnership.
* * * * * * *
(4) My goal is that the value of my share of the cattle
owned by the Partnership, in which you have a secured party
interest, must never fall below the amount for which I am
personally liable. If the value of my cattle does fall
below the amount of my loan, and you become aware of that,
you must so notify me within thirty days in order that I may
make a damage claim to W.J. Hoyt Sons Management Company for
possible default on the Share-Crop Operating Agreement,
and/or the cattle fertility warranties.
The final document was titled “Subscription Agreement --
Shorthorn Genetic Engineering 1986 Ltd. -- Series ‘C’ Units”.
This document expressed petitioner’s intent to make a capital
contribution to and become a limited partner of SGE 86 by
purchasing units valued at $75,000. Included with this document
was a “Power of Attorney” form, which provided in relevant part:
The UNDERSIGNED hereby constitutes and appoints Walter
J. Hoyt III his/her true and lawful attorney with power and
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Last modified: May 25, 2011