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USCHER v. KAVANAU REAL ESTATE TRUST

40 A.D.2d 48 (1972)

Arthur Uscher et al., Suing on Behalf of Themselves and All Others Similarly Situated, Respondents, v. Kavanau Real Estate Trust, Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

November 14, 1972.

Attorney(s) appearing for the Case

Barry Golomb of counsel (Shagan, Edwinn & Golomb, attorneys), for appellant.

Jerome B. Fleischman for respondents.

McGIVERN, MARKEWICH, KUPFERMAN and STEUER, JJ., concur.

STEVENS, P. J.

In 1969, defendant Kavanau Real Estate Trust (Kavanau) pursuant to a written agreement dated May 12, 1969, agreed to purchase from all of the many owners of working interests in certain oil and gas leases, the respective interests of such owners. As consideration for the conveyance of such interests defendant agreed to pay on or before September 1, 1970, either "(a) $738,100 by certified or official bank check or (b) 127,796 common shares...

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