(Download) "Keith B. Combe v. Warrens Family" by Supreme Court Of Utah " Book PDF Kindle ePub Free
eBook details
- Title: Keith B. Combe v. Warrens Family
- Author : Supreme Court Of Utah
- Release Date : January 03, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
Warrens Family Drive-Inns, Inc. (the "Corporation") was formed under Utah law in 1971 for the purpose of engaging in fast food service. All of the stock was sold to Keith Combe and Dean Taggart in 1973 for a down payment of $10,000, Combe receiving 49% of the stock and Taggart 51%. The two principal assets of the Corporation consisted of the Roy unit and the Riverdale unit, two drive-in restaurants under leasehold. Taggart operated the Roy unit and Combe the Riverdale unit. In 1976, the Roy unit was remodeled at a cost of $32,000, financed by a corporate loan guaranteed by Taggart personally. Some time later the Corporation embarked upon the remodeling of the Riverdale unit at an estimated cost of $68,000, but that plan was abandoned when it was discovered that the foundation was termite-infested. Combe suggested that the Corporation buy the land, raze and rebuild the drive-in at an estimated cost of $350,000, but Taggart refused to underwrite and personally guarantee a loan to finance an undertaking of that magnitude. Combe then arranged a corporate loan for that amount, personally guaranteed by him and his wife to purchase the land and rebuild the Riverdale structure from the ground. The uniform real estate contract and closing statement for the purchase of the land, as well as the warranty deed, showed the Corporation as the buyer. The trust deed and note were signed by Combe as president of the Corporation. The Riverdale unit resumed operation in April of 1978.
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