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SHEETZ v. SPAGNOL (03/27/73)

decided: March 27, 1973.

SHEETZ
v.
SPAGNOL, APPELLANT



Appeal from judgment of Court of Common Pleas of Westmoreland County, July T., 1969, No. 896, in case of John A. Sheetz, alias dictus J. Albert Sheetz, and John A. Sheetz, III v. Arthur J. Spagnol, individually and the Penn Albert Hotel Corporation.

COUNSEL

Daniel J. Snyder, with him Costello, Snyder, Berk & Horner, for appellant.

Joseph M. Loughran, with him William J. Ober, and Loughran & Loughran, for appellees.

Wright, P. J., Watkins, Jacobs, Hoffman, Spaulding, Cercone, and Packel, JJ. Opinion by Cercone, J.

Author: Cercone

[ 224 Pa. Super. Page 86]

This is an appeal in an assumpsit action which was tried non-jury on a stipulated set of facts and in which the issue presented was whether there was personal liability on the part of the individual defendant Spagnol for the payment of $20,000 "as per Paragraph 2" of the Agreement entered into between plaintiffs and defendant.

[ 224 Pa. Super. Page 87]

Under paragraph 1 of that agreement, Spagnol purchased from plaintiffs all of the stock of the Penn Albert Corporation at a "sales price" of $15,000, which sales price he has paid.

That paragraph reads as follows:

"1. First parties shall on July 1, 1965, sell, assign, transfer and set over unto second party all of the stock of said Corporation, free and clear of all pledges, liens and claims, for a total sales price of Fifteen Thousand ($15,000.00) Dollars, which represents a sales price of Five ($5.00) Dollars per share for three thousand (3,000) shares. Said Fifteen Thousand ($15,000.00) Dollars is payable by the second party to the first parties as follows:

"$5,000.00 cash upon the execution of this agreement and the remaining $10,000.00 payable in cash within six (6) months of date of this agreement."

Paragraph 2 provides:

"2. Second party, as owner of the stock of said Corporation to be assigned and transferred to him, shall exercise his ownership control of said Corporation so that said Corporation shall pay to first parties within twenty-four (24) months of date of this agreement, ten percent (10%) of all the claims, accounts and obligations held by the first parties hereto or any member of their family, against said Corporation, except that the total amount represented by the said ten percent (10%) of claims, accounts and obligations as aforesaid, shall not exceed nor be less than Twenty Thousand ($20,000.00) Dollars. All monies payable ...


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