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JAMES J. PARKS CO. v. LAKIN

No. 42730.

292 N.W.2d 21 (1980)

206 Neb. 184

JAMES J. PARKS COMPANY, Appellant and Cross-Appellee, v. Charles E. LAKIN, Appellee and Cross-Appellant.

Supreme Court of Nebraska.

May 6, 1980.

Attorney(s) appearing for the Case

Monte Taylor of Taylor, Hornstein & Peters, Omaha, for appellant and cross-appellee.

Robert H. Berkshire, Omaha, for appellee and cross-appellant.

Heard before KRIVOSHA, C. J., and BOSLAUGH, McCOWN, CLINTON, BRODKEY, WHITE, and HASTINGS, JJ.

BOSLAUGH, Justice.

This was an action for specific performance of a repurchase agreement. On November 1, 1970, the plaintiff, James J. Parks Company, purchased 303 acres of citrus grove land from the defendant, Charles Lakin, for $2.52 million payable in installments over a 10-year period. The land consisted of four separate tracts located in Yuma County, Arizona, and is described in the record as the "Phase II groves." The transaction was conceived as a tax shelter...

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