- 10 -
On December 23, 1998, petitioner signed an employment
contract5 with NCPL by which petitioner was to receive $7,000 a
month in compensation, his and his family’s health, auto, and
life insurance premiums, and bonuses. The contract also provided
for the possibility of loans from NCPL to petitioner in order for
petitioner to purchase a home.
Petitioner entered into a purported loan agreement with NCPL
dated January 25, 1999, to borrow funds for the development of
the Rivercliff property, the terms of which were:
Between:
New Century Properties Limited of 1520 Prince’s
Building, 10 Charter Road, Hong Kong (“Lender”),
and:
Ronald B. Talmage & Kumiko W. Talmage of 1-31-5 Sakura
Shin-machi, Setagaya-ku, Tokyo, Japan (collectively the
“Borrower”)
Whereas:
Ronald B. Talmage is under the employ of New Century
Properties Limited
and,
Borrower (husband and wife) together own a certain
property in the United States, located at 35701 NE
Chamberlain Road, Corbett, Oregon 97019 (“The
Property”)
and,
Borrower is desirous of borrowing a sum of money for
the construction of various improvements to The
Property,
and
Lender is willing to lend Borrower a sum of money to
facilitate the same,
5The Court’s use of the words “employment contract”,
“employee”, “employer”, “loan agreement”, “loan”, and similar
terms is for convenience only and does not indicate the Court’s
agreement that such words reflect the substance of what
transpired.
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