Advance Dry Wall Co. v. Wolfe-Gilchrist, Inc.

This is the third time this controversy has come before this Court. See Advance Dry Wall Co v Wolfe-Gilchrist, Inc., 14 Mich App 706; 165 NW2d 906 (1968), and Advance Dry Wall Co v Wolfe-Gilchrist, Inc., 29 Mich App 540; 185 NW2d 560 (1971). The present appeal arises from a judgment in a supplementary proceeding in execution of a judgment against defendant Wolfe-Gilchrist pursuant to MCLA 600.6131(2); MSA 27A.613K2).

In 1955, Mr. Wolfe and Mr. Gilchrist formed Wolfe-Gilchrist, Inc., for the purpose of building houses. The two men subsequently bought 90 acres of land on land contract. They held…