Mo Supreme Court Finds Property Partition Mishandled by Lower Court

Summary

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A lower court jumped the gun on settling a dispute between two real estate partners, disposing of a disputed property in such a way that it amounted to a private sale - and well beyond the court's powers - held the Missouri Supreme Court, sending the long-running dispute over the land back to the trial court.

Problems sprouted up between 15-year business partners Allan Carpenter of the Carpenter 1985 Family Partnership Ltd. and Dale Fredericks of Sangamon Associates Ltd. in 2000, leading Sangamon to sue Carpenter, who in return fired off two counterclaims. Both parties agreed to sell a jointly owned property at a public sale, at which Carpenter, who had a 90 percent interest in the land, was the only bidder.

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Extract

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Mo Supreme Court Finds Property Partition Mishandled by Lower Court

When Carpenter offered a mere $3.04 per square foot - Sangamon estimated its worth at about $100 a square foot - Sangamon filed a motion to s...

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