Miller v. Jonkman CA4/3
Plaintiff Daniel K. Miller’s father, Donald, and defendant John L. Jonkman were partners in storage business. The business leased the land it operated on, and each partner had an equal share of the leasehold estate. However, record title to the leasehold estate was solely in Donald’s name. After Donald passed away, his share of the business and leasehold estate was split evenly between plaintiff and his sister Lona Gray. In June 2007, defendant agreed to purchase plaintiff’s interest in the business and leasehold estate. He promised to pay on a $575,000 promissory note by a certain date, and to pay monthly interest-only payments in the interim. Defendant made the monthly interest-only payments until October 2013, and never repaid the principal. Subsequently, plaintiff sued defendant for breach of the promissory note.
Following a bench trial, the trial court ruled in favor of plaintiff and against defendant. It determined that certain contractual provisions deferring t
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