Peoples Bank v. Quicquaro

PRATT, J.,

— Defendant, Thomas R. Bush, owned 50 percent of the stock of South Side Services Inc. which sold industrial gases and welding supplies. South Side was eventually succeeded in business by Penn-Ohio Industrial Gases Inc., the garnishee.

As part-owner of South Side, Bush entered into an agreement on July 16, 1987, whereby he sold his share of the ownership of South Side for $20,000 cash payable at the signing of the agreement. The agreement also provided, in part, that in return for a one-year, limited, restrictive covenant not to compete, Bush would receive $20,800 payable at the…