TED LOKEY REAL ESTATE COMPANY v. Gentry

MEMORANDUM OPINION AND ORDER

WOODWARD, District Judge.

Plaintiff filed its original petition in the State District Court of Deaf Smith County, Texas, alleging certain sums due and owing them by the defendants and resulting from warranties contained in a written contract between the parties dated July 31, 1970. This contract involved the purchase by the plaintiff of 50% of the outstanding shares of stock in a corporation known as Grow Investments, Inc., from the defendants. The warranty and indemnity clauses of the contract provided that defendants would indemnify plaintiff and the corporation…