Poynor v. Twin City Motor Supply, Inc.

Standard Batteries of Spokane, Inc., appeals the trial court's distribution of bulk transfer proceeds in an interpleader action. We affirm.

The facts are essentially undisputed. In late 1983, Twin City Motor Supply, Inc., found itself in severe financial difficulty. On March 23, 1984, Twin City and Richard and John Poynor, d/b/a Poynor Brothers Partnership, entered into an agreement whereby Poynor agreed to purchase all of the assets of Twin City for a purchase price of $222,847, plus inventory at current wholesale/jobber costs. The value of the inventory was to be determined by a joint…