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didn’t mow the grass. I didn’t pull in the parking lot. I
didn’t embalm a body, nothing whatsoever”.
By the fall of 2001, petitioner still had not received any
payment of the purchase price from Mr. Taylor.
On October 17, 2001, the parties entered into a written
agreement regarding the sale of petitioner’s stock (stock
purchase agreement).1 According to the stock purchase agreement,
Mr. Taylor agreed to purchase petitioner’s shares of Edgington
Mullins stock for an aggregate sales price of $40,000 on an
undefined “Closing Date”. Attached to the stock purchase
agreement was a letter from petitioner to Mr. Taylor, dated
October 15, 2001, in which petitioner agreed to accept
installment payments of the $40,000 purchase price, as follows:
$7,500 will [be] paid upon receipt of this letter with
the balance payable when you have received financing
for the payoff of Betty Edgington and myself.
According to you, financing should be achieved within
120 days of this letter. Rolan, can we please put this
business matter to rest. It would be in the best
interest to both of us to do so.
1 The copy of the stock purchase agreement introduced into
the record was not signed by the parties. Petitioner testified:
“As you can see, you do not see anything with Rolan Taylor’s
signature on it. He was very difficult to deal with. This
dragged on for a very long time. The deal was done. He wouldn’t
sign anything. Finally when I did get the monies, he said, ‘By
you signing this check, that makes our agreement -- I own your
interest in the funeral home’”.
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Last modified: May 25, 2011