- 8 -
indicate that any part of the total purchase price was paid for
those embryos.
The “Certificate of Warranty” guaranteed that all heifers
listed on the bill of sale would be able to reproduce for 10
consecutive years.
The “Sales Order” indicated that petitioner purchased 73
Durham Shorthorn heifers for $478,490 and 73 confirmed embryos
for $478,490.
To fund his purchase of cattle, petitioner signed a
“Fifteen Year Promissory Note” (promissory note), agreeing to pay
Hoyt Ranches $956,980. The promissory note provided that
petitioner was required to pay interest in 50 monthly
installments of $1,075, beginning on September 1, 1995.
Beginning in August 2000, petitioner was required to pay 10
percent of the unpaid principal each year until the entire debt
was satisfied. Petitioner did not keep a copy of the promissory
note for his records.
To secure repayment of the promissory note, petitioner
signed a “Security Agreement”, granting Hoyt Ranches a security
interest in all cattle purchased or bred by petitioner.
Petitioner did not keep a copy of the security agreement for his
records.
On July 31, 1995, petitioner signed a “Share-Crop Board
Agreement” (board agreement). The board agreement provided that
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011