Lessman v. Dawson

Melvin Mayfield, Judge.

The appellees, Ray Dawson and members of his family, are residents of Arkansas who owned a farm in the State of Mississippi. In March of 1982, the appellees sold the farm to a group of investors from Illinois which included Howard Lessman, one of the appellants. Mr. Dawson agreed to take a promissory note from the Illinois group for $600,000 as part of the purchase price, but only after reviewing Mr. Lessman’s individual financial statement that assessed his total assets at more than $1,500,000 and which included a 700-acre rice farm located in Independence County,…