Midwest Decks, Inc. v. Butler and Baretz Acquisitions, Inc.

PRESIDING JUSTICE SCARIANO

delivered the opinion of the court:

On April 2, 1992, plaintiff Midwest Decks, Inc. (Midwest), and defendant Butler & Baretz Acquisition, Inc., d/b/a Mid-America Decks, Inc. (Butler & Baretz), executed an "Asset Purchase Agreement” (the purchase agreement) for the bulk sale of Midwest’s assets. Butler & Baretz agreed to pay a total of $232,000 in four installments, the first of which was $82,000, due at the time of closing. Section 1.04(d) of the agreement, a "cash hold-back” provision, stated that

"[o]n the closing date, the Purchase Price installment set forth in…