In re Guido
United States Bankruptcy Court for the Eastern and Western Districts of Arkansas
345 B.R. 656 (2006)
- Written by Darius Dehghan, JD
Facts
Louis and Cheryle Guido (debtors) entered into a contract to purchase property from McEntire Farms, Inc. (McEntire). The contract provided that the Guidos would make monthly payments toward the purchase price of the property. The deed to the property would be held in escrow until the Guidos made the final payment. A provision in the contract stated that the contract would be breached if the Guidos failed to make payments in a timely manner. The provision also stated that the breach would result in the forfeiture of the Guidos’ interest in the property. The Guidos eventually fell behind on payments. The Guidos did make a partial payment, which McEntire accepted. But McEntire informed the Guidos that their interest in the property would be forfeited if they did not make full payment. The Guidos did not make full payment and subsequently filed for bankruptcy. In their bankruptcy filings, the Guidos asserted that they had an interest in the property. McEntire filed an objection, contending that the Guidos forfeited their interest in the property. The bankruptcy court took the matter under advisement.
Rule of Law
Issue
Holding and Reasoning (Evans, J.)
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