Steffan
Steffan v. Malakoff (In re Moore)
Opinion
Lead Opinion
Russell, J.
MEMORANDUM OF DECISION
Richard D. Steffan, Esq., Trustee of the above-entitled Chapter 7 bankruptcy estate brought this motion for summary judgment regularly before this court on November 15,1988. Linda A. Selig, Esq., opposed the motion on behalf of Loran Janak, Edner Ruth Janak, Mary Ellen Janak, individually and as Executor of the Estate of Leslie Earl Janak (hereinafter “The Janaks”). The matter was taken under submission following oral argument.
UNDISPUTED FACTS
The Janaks own certain real property located at 2980, 2982, 2984, and 2986 35th Street in Sacramento, California which will hereinafter be referred to as the “35th Street premises”. On or around July 9, 1976 James E. Moore (hereinafter “Moore”) and Earl Janak, Loran Janak, and Janak and Scurfield, Inc., signed a letter of intent to enter into a limited partnership agreement to lease the 35th Street premises.
A dispute subsequently arose between the parties to the partnership agreement and, in an effort to resolve the ensuing litigation, those parties agreed that Moore would be granted an option to purchase the 35th Street premises for $95,000.00 on or around a date certain 1 according to the terms of an option…