- 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 thatPage: 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