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MATTER OF NATIONAL TILE & TERRAZZO CO., INC.

No. 74-1549.

537 F.2d 329 (1976)

In the Matter of NATIONAL TILE & TERRAZZO CO., INC., Bankrupt. Edward M. WALSH, Trustee, Respondent, v. Josephine PATERNA, Appellant.

United States Court of Appeals, Ninth Circuit.

As Amended August 3, 1976.

Attorney(s) appearing for the Case

Henry Gross (argued), San Francisco, Cal., for appellant.

Harvey Hoffman (argued), of Hoffman & Kelly, San Francisco, Cal., for appellee.

Before CHOY and GOODWIN, Circuit Judges, and REAL, District Judge.

OPINION

CHOY, Circuit Judge:

Appellant Paterna, on December 27, 1967 owned 600 shares of the common stock of National Tile and Terrazzo Co., Inc., a California corporation (hereafter National).

Appellant sold her shares to the Corporation receiving $3,000 in cash and a note for $36,000.00 payable at the rate of $500.00 per month and bearing interest at the rate of 4% per annum. The note was secured by a...

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