Welsh

Welsh v. Casa Romantica By the Sea, J.V. (In re Casa Romantica By the Sea, J.V.)

Good Law

58 B.R. 554·1985 U.S. Dist. LEXIS 23699

United States District Court, Central District of CaliforniaJanuary 3, 1985Nos. CV 83-5651-KN, CV 83-6417-KN and CV 83-7912-KN; Bankruptcy No. SA 82-03937-AP; Adv. No. SA 82-2811-APCalifornia2,775 words

Opinion

Lead Opinion

Kenyon, J.

ORDER

Debtor, Casa Romántica By the Sea, J.V. (“Casa”) appeals from the Bankruptcy Court’s opinion which found the contract entered into between Casa and the Welsh Family Partnership (“Welsh”) to be an integrated and unambiguous contract. Further, the Bankruptcy Court also found that the contract is a true escrow contract with certain provisions being in the nature of an option to extend the closing date of the Escrow. The Bankruptcy Court also found that the lease at issue was not a tax planning device, but was rather a device to enable the possession of the property to be transferred prior to the closing of the Escrow. For the reasons set forth below, we AFFIRM the Bankruptcy Court’s findings.

Before setting forth a brief factual background for this opinion, it is necessary to state that the standard of review to be used by this Court in ruling on Casa’s appeal will be de novo.

*556 I. Factual Background

On March 28, 1980, Welsh and Parsa Development Company (“Parsa”) entered into an agreement entitled “Exchange Agreement and Escrow Instructions” (“Agreement”). Under this Agreement, Parsa agreed to acquire, and Welsh agreed to convey the real property known as “Casa…

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