Bates v. Bates

McMurray, Presiding Judge.

In August 1975, J. Newton Bates purchased a tract of land by warranty deed from his father, Hugh F. Bates. Although the deed recited “$10.00 and other valuable consideration,” the parties, in a separate agreement with reference to the consideration and of the *269mutual promises and obligations, reduced to writing a statement as to the actual consideration, the same being the payment of $5,000 per year on December 1 of each year beginning December 1,1975, not to exceed 15 payments, the last payment becoming due December 1, 1989. This instrument also recited that in the…