Wilkinson v. SRW/Cary Associates

MARTIN, Judge.

On 20 March 1987 plaintiff agreed to convey approximately 155 acres of unimproved real property to defendant partnership SRW/Cary Associates in exchange for ten parcels of improved real property, $50,000 in cash, and an unsecured promissory note in the principal sum of $100,000. The promissory note provided on its face that it was given for the balance of the purchase price of a parcel of real property and was guaranteed by defendants Timothy R. Smith, Rosemary P. Smith, Julian W. Rawl, and Barbara Rawl. Mr. Smith and Mr. Rawl were partners in SRW/Cary Associates. Defendants did…