Wednesday, August 22, 2012

Co-Owners' Inability To Reach Mutually Acceptable Purchase/Buyout Agreement Leads To Partition Suit

In Jefferson County, Texas, The Southeast Texas Record reports:

  • Seeking to properly divide up a tract of land worth around $4 million, Susan McCurry has filed a petition for partition against Texas Mountain Ranch and Mark and Carolyn Fertitta. The petition was filed July 23 in Jefferson County District Court.

    According to the petition, McCurry and the Fertittas are one-third, co-owners of undivided interest in certain real estate in Bandera and Medina Counties. The other third interest belongs to Elizabeth Wadill. The land is estimated to be worth more than $4 million.

    "Defendants ... have expressed an interest in obtaining a one-half divided possessory interest in the tract," the suit states. "Plaintiff has attempted to negotiate an equitable division of the property. However, defendants ... have been unreasonable in proposing a division of the property, thus, necessitating this lawsuit."

    The plaintiff seeks the court to enter a decree as follows:

    Determining the share of each of the joint owners of the property; Determining that the property is susceptible to partition and directing partition; Appoint commissioners to make such partition; and Awarding of court costs and attorney's fees.

No comments: