Farmer v. Cassinelli

CAMMACK, Judge.

In 1950, the appellants, Oscar Farmer and Henry Wombles, shareholders in the East Central Coal Company, acquired the remaining shares outstanding from the appellees, Tony Cassinelli, Erman Wertz and Peter Cassinelli. The appellees received in consideration a cash payment and two notes, one for $6,630.71 and one for $15,787.39, secured by a duly executed and recorded mortgage of East Central Coal Company. The mortgage was on the surface of the Company’s property and the improvements thereon. The smaller note was due January 21, 1951. The larger was to be paid on the basis of 25‡…