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FORTNER AND PERRIN, INC. v. SMITH

No. 18497.

327 F.2d 801 (1964)

FORTNER AND PERRIN, INC., a California corporation, as assignee of Carmen E. Fortner and Stan Ruzicka, Appellant, v. James A. A. SMITH, Trustee in Bankruptcy, Appellee.

United States Court of Appeals Ninth Circuit.

February 12, 1964.

Attorney(s) appearing for the Case

C. Douglas Wikle, Los Angeles, Cal., for appellant.

Quittner, Stutman, Treister & Glatt, and George M. Treister, Los Angeles, Cal., for appellee.

Before BARNES and DUNIWAY, Circuit Judges, and PENCE, District Judge.

PENCE, District Judge.

In May of 1960, Mrs. Carmen E. Fortner and Stan Ruzicka (sometimes referred to hereinafter as the claimants) owned the stock of two corporations doing engineering and machine shop business. On May 3, 1960, they entered into an agreement with Robert F. Feland, Jr., whereby they sold their stock to him — part payment in cash, and the balance of $152,000 for Mrs. Fortner and $20,000 for Mr. Ruzicka to be paid over a period of years. After...

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