Dillon v. Montgomery

WALTERS, Justice.

Dennis Dillon and Robert Montgomery entered into a stock purchase agreement whereby Dillon agreed to purchase an automobile dealership from Montgomery. The parties agreed to a set amount for the purchase of the stock plus an amount equal to the net worth of the dealership on the closing date of the transaction. To facilitate the closing and the transfer of stock, the parties placed a portion of the purchase price in an interest bearing escrow account. Following a dispute over the net worth of the dealership at closing, the district court found that Montgomery violated the…