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Background
General Background
Petitioners are husband and wife. At the time of the filing
of the petition, they resided in Dallas, Texas.
From January of 1967 until their divorce in January of 1987,
petitioner was married to Elizabeth Robertson Ferguson Smith (Ms.
Smith). The final judgment and decree of divorce incorporated an
agreement incident to divorce dated November 25, 1986 (the
divorce agreement). To resolve various controversies subsequent
to the divorce agreement, Ms. Smith and petitioner entered a
settlement agreement in 1988 (the 1988 settlement agreement) and
another settlement agreement in 1989 (the 1989 settlement
agreement).
The Vernon Property
During 1985, petitioner purchased three tracts of real
property in or near Vernon, Texas (hereinafter collectively
referred to as the Vernon property).1 During 1994, petitioner
secured a loan from Herring National Bank with a lien on the
Vernon property.
During December of 1999, petitioner filed a bankruptcy
petition under chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Northern District of Texas. The case
1Before 2001, petitioner conveyed a small portion of the
Vernon property.
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Last modified: May 25, 2011