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C & L Lumber And Supply Inc. V. Texas American Bank/Galeria

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In August 1980, Joe McDermott, while married to Dixie McDermott, purchased from Briscoe and Myrl West a 1.7 acre tract (small tract) of land adjacent to the racetrack in Ruidoso. McDermott paid $10,000 in cash and entered into a real estate contract with the Wests for the remaining $80,000 of the purchase price. In October 1981, McDermott also purchased from the Wests an adjacent 6.4 acre tract (large tract) for $300,000. McDermott paid the Wests $200,000 in cash from a loan and mortgage with Ruidoso State Bank for that amount, and financed the other $100,000 through a second mortgage to the Wests on both tracts. Dixie McDermott joined in none of these instruments which stated that the property was the sole and separate estate of Joe McDermott, a married man.

C & L Lumber And Supply Inc. V. Texas American Bank/Galeria
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  • Available on iPhone, iPad, iPod touch, and Mac.
  • Category: Law
  • Published: Jun 13, 1990
  • Publisher: LawApp Publishers
  • Seller: Innodata Book Distribution Services Inc
  • Print Length: 16 Pages
  • Language: English
  • Requirements: To view this book, you must have an iOS device with iBooks 1.3.1 or later and iOS 4.3.3 or later, or a Mac with iBooks 1.0 or later and OS X 10.9 or later.

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