Civil PracticeClass Action Wet-Pavement CrashesPredominance Where the Missouri Highways and Transportation Commission appealed an order granting class certification to plaintiffs who were injured or sustained property damage from wet-pavement accidents over a five- year period on a specific section of highway, the order is reversed because plaintiffs failed to prove that common issues predominated over individual issues in the case since resolution of each claim will require an individual assessment of causation.Judgment is reversed and remanded. Smith v. Missouri Highways and Transportation Commission (MLW No. 63617/Case No. SD31590 - 11 pages) (Missouri Court of Appeals, Southern District, Bates, J.) Appealed from circuit court, Phelps County, Sheffield, J. (Kevin P. Schnurbusch, St. ...
In the Lofstrom v. Commr. case, the husband was previously married to Dorothy Lofstrom. In satisfaction of his alimony obligations to her, he transferred his $29,000 interest in a contract for deed to her, along with $4,000 in cash. The petitioners deducted as alimony the value of the contract for deed. In addition, the petitioners claimed to operate the first floor of their residence as a bed and breakfast and deducted related expenses. The Tax Court held that a contract for deed is a 3rd-party debt instrument. The petitioners may not deduct as alimony the value of a contract for deed transferred to his first wife because it does not constitute a cash payment. The petitioners may not deduct expenses for a hotel or like establishment because they used the B&B for personal purposes f...
Optical store specializing in: 1 comprehensive vision and eye health exams; 2 accommodating same-day service; 3 large selection of frames; 4 contact lenses and specialty lenses. Where did startup funding come from? I bought the business from the previous owners on a contract for deed. Since I had been employed in the business for seven years, it allowed for a smoother transition.
Two terms that are well understood in insurance circles are mortgagee provision and loss payee or loss payable provision. There is a significant difference between the terms. Short of being the recipient of a written request by a financial institution to add a lender's loss payable provision, the agent or broker is in no position to inquire whether that provision is necessary. The primary reason is that the Property Section of the ACORD Evidence of Property Insurance application does not even request a lender's loss payable status. When the lender's loss payable provision is designated, it is confirmed that the loss payee shown in the Schedule or Policy Declarations is a creditor, including a mortgageholder or trustee whose interest in Covered Property is established by such written ins...
..., (2) Lender's Loss Payable and (3) Contract of Sale. When the lender's loss payable provision ... as Warehouse Receipts; Contract for Deed; Bills of Lading; Financing Statements; or Mortgag...
... her then-husband Daniel Lumbar entered a contract for deed to purchase a house from Mary's parents, ...
It is a great place to work and I received many quick little promotions. Today, I'm in charge of the "front end," which means managing the check- out clerks and making sure customers walk away happy. My income rose substantially. When my landlord said he was thinking of selling the cottage, I asked him if I could buy (it has about an acre of land). He gave me his asking price, which seemed reasonable. But when I applied for a mortgage, I learned my credit report and FICO score still weren't very good. So my landlord suggested I buy on a "land contract for deed." He sold the cottage to me for just $5,000 cash down.
... by assumptions, installment land sales contracts, wraparound loans, contracts for deed, transfers s...
A husband was not entitled to an alimony deduction for the transfer to his ex-wife of his interest in a contract for deed in settlement of his alimony obligation, the U.S. Tax Court has ruled. As part of their divorce decree, the husband agreed to pay $1,500 per month in alimony. He fell behind, but his ex-wife agreed to relinquish all past and future claims to alimony in exchange for cash and the husband's interest in a contract for deed valued at $29,000. The husband then deducted the value of the deed from his taxes, arguing that it constituted deductible alimony.
Fraud: Appellant failed to prove fraud by clear and convincing evidence where appellant was college-educated and had substantial business experience, and appellee provided her with valuable consideration for transferring the deed to her farm to him and signing a land installment contract. R.C. Chapter 5313, R.C. 5313.01, 5313.02: A "land installment contract" is an executory agreement which is not required to be fully performed within one year of agreement's date, in which vendor agrees to convey title to real property in this state to vendee who agrees to pay purchase price in installment payments while vendor retains title to property as security; While parties' LIC initially was to be fully performed within one year and thus was not an LIC as defined in R.C. Chapter 5313, the parti...
Action for specific performance of purchase contract. Merger by deed does not apply since contract expressly states that terms shall survive closing. Laches applies to bar claim - seller prejudiced since now faces prospect of lawsuits by other purchasers. Waiver bars claim - almost 4-year delay coupled with improvements to property constitutes waiver.
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