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PEARL CORP. v. KNESEL

No. 12907.

416 So.2d 149 (1982)

PEARL CORPORATION v. George Albert KNESEL.

Court of Appeal of Louisiana, Fourth Circuit.

Rehearing Denied July 16, 1982.

Attorney(s) appearing for the Case

Henry L. Klein, Klein & Rouse, New Orleans, for plaintiff-appellant.

Edgar K. Corey, Edward J. Lassus, Jr., Corey, Reed, Bethay & Kogos, New Orleans, for defendant-appellee.

Before GULOTTA, SCHOTT and GARRISON, JJ.

SCHOTT, Judge.

This is a suit by the seller, Pearl Corporation, of a house in New Orleans against the purchaser, George Albert Knesel, for dissolution of the sale based on LSA C.C. Art. 2561 because the purchaser did not pay the purchase price. The issue is whether the article applies where the purchase price consisted of a mortgage assumed by the purchaser and the note secured by the assumed mortgage had prescribed before the seller instituted its action to dissolve...

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