- 3 -
business, an equestrian facility, and a telescope pictures busi-
ness.
On September 5, 1997, Mr. O’Malley, petitioner Valerie V.
O’Malley, and Dorothy Galvin (Ms. Galvin),2 Mr. O’Malley’s mother,
purchased for $1,000,000 certain real property located at 1761
Severn Chapel Road, Anne Arundel County, Crownsville, Maryland
(Severn Chapel Road property). Farmers and Mechanics Bank (F&M
Bank) financed in part the purchase of the Severn Chapel Road
property by lending $499,950 to petitioners. F&M Bank held a
mortgage on that property with respect to that loan. The sellers
of the Severn Chapel Road property financed all but $50 of the
balance of the purchase price of that property (petitioners’
second loan on the Severn Chapel Road property) and held a second
mortgage on that property with respect to that loan.
At the time petitioners purchased the Severn Chapel Road
property, that property consisted of approximately 48.5 acres of
undivided land on which there were three houses. Around Septem-
ber 1997, petitioners moved into one of the houses located on the
Severn Chapel Road property and have lived there at all relevant
2Although Ms. Galvin was a party to the purchase of the
Severn Chapel Road property and various other agreements and
transactions into which petitioners entered relating to that
property (discussed below), her role as such is not material to
our resolution of the issues presented. When discussing any
agreements and transactions into which petitioners and Ms. Galvin
entered relating to the Severn Chapel Road property, we shall for
convenience generally refer only to petitioners, and not to Ms.
Galvin.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: November 10, 2007