HomeMy WebLinkAbout0262 partner. An application for key man life insurance for Breretcn was
filled out by insurance agent, Darby Cook, based upon information
allegedly given to him by both Perona and Brereten. Oa~ the application
Brereton is shawn a3 a partner. (Aerona denies that he assisted in
preparation o£ this application.) The records and books of Ken Perona
Oldsmobile show that the $26,650.00 paid by Brereton was used in the
business. No-pranisory note or other evidence of indebtedness was
given to Brereton for the mcney advanced by him, and there was no
provision for the payment of interest.
On the other hand, Perona, by the testunony af R. Ja~es Smith
and James R. Fteming who were present at the September 12, 1970, meeting
in Cold City, Illinois, has shown that the conversation at this meeting
concerned not a present partnership, but a future paxtnership condrtioned
upon Brereton successfully performring as general manager for five years.
According to them the only area of disagreem~nt between Perona and ~
Brereton was whether Brereton's future interest would be 1096 or 25%.
~ At the conclusion af the meeting Brereton was to contact his attorney and
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have a written partnership agreement grepared. This was never done and '
as greviously noted, two days after this meeting Brereton advanced his
$25,Oa0.00 and shortly thereafter both parties moved to Florida.
As secondary and circumstantial evidence that there was no
partnership, Perana has shown that the purchase and sales agreement for
~ the purchase of Tague 02dsmobile was signed by Perona in his individual
name; that title to all personal and real property purchased from Tague
- Oldsmobile was taken in Perona's sole name; Perona personal_ly assumed
an existing first mortgage of $73,000.00 and gave a second purchase
money mortgage ir:dividually to A~r. Tague in the amount of $88,000.00;
Perona filed in campliance with the Fictitious Name Law of the State
of Florida, the fictitious name of Ken Perona Oldsmobile reflecting
his 100% awnership thereof; Perana received from the 02dsmobile division
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