(DOWNLOAD) "Credit Union of Amer. v. Myers" by Supreme Court of Kansas # eBook PDF Kindle ePub Free
eBook details
- Title: Credit Union of Amer. v. Myers
- Author : Supreme Court of Kansas
- Release Date : January 13, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
The opinion of the court was delivered by The plaintiff, Credit Union of America (Credit Union), filed an action to set aside two conveyances of land it alleges were fraudulent. The conveyances involve two separate transactions. The trial court granted summary judgment against the plaintiff and it appeals. The named defendants in the action were Cecil Myers, Kenneth Myers, Loberta Myers and Doris Gilbert. The first series of events began June 17, 1976, when Cecil Myers and his stepbrother, Kenneth Myers, formed a partnership. The partnership was formed to buy certain real property in Wyandotte County as an investment. The partnership agreement states: Contribution of Partners: The Partners contemplate personally borrowing Three Hundred Fifty Five Thousand and no/100ths Dollars ($355,000.00) to contribute to the Partnership for the purpose of developing a car dealership facility on the property described in Exhibit `A' herein. Each Partner shall be liable for 50% of the loan, namely One Hundred Seventy Seven Thousand Five Hundred and no/100ths Dollars ($177,500.00). The loan shall be a mortgage on the Land described in Exhibit `A' and Partner, Cecil Myers, shall further contribute the equity in said Real Estate at the time the mortgage loan is closed; said equity shall be valued at Seventy Four Thousand and no/100ths Dollars ($74,000.00). The Partners shall from time to time make additional contributions equal to their pro rata share, in accordance with their interest in the capital of the Partnership, of such capital as is necessary to hold and/or develop the Real Property in accordance with the purposes of the Partnership until the same is disposed of as agreed by the Partners. Cecil Myers was apportioned a 58 percent share of the partnership, and Kenneth Myers held a 42 percent share.