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PADGETT v. THEUS

No. 1260.

484 P.2d 697 (1971)

Vern L. PADGETT and Investment Enterprises, Inc., Appellants, v. James THEUS, a/k/a Jim Theus, and Pearl Theus, Appellees.

Supreme Court of Alaska.

May 10, 1971.

Attorney(s) appearing for the Case

Albert Maffei, Anchorage, for appellants.

Helen L. Simpson, Anchorage, for appellees.

Before BONEY, C.J., and DIMOND, RABINOWITZ, CONNOR and ERWIN, JJ.

OPINION

RABINOWITZ, Justice.

Being land poor and pressed by numerous creditors, appellees Jim and Pearl Theus entered into a somewhat unusual contract with Earl Bell and appellants Vern L. Padgett and Investment Enterprises, Inc. Basically, the Theuses promised to convey 12 parcels of land to Investment Enterprises. Vern Padgett promised to lend Investment Enterprises $10,000. The corporation in turn promised to transfer one-third of its stock to the Theuses...

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