The siblings then prepared a Memorandum of Agreement and they all agreed that Mr. A and Mr. B would buy out the shares of Mr. C and Mr. D, LOCK, STOCK, and BARREL, in an installment basis for 4 consecutive years.†
Mr. C would receive†
10million for 2005,†
10million for 2006,†
10million for 2007,†
10million for 2008. =40millions
Mr. D, on the other hand would receive†
10M for 2005,†
10M for 2006,†
5M for 2007,†
a big land, a†
1 million educational fund for his children, and†
5M for 2008. = 31million + big land (50million) = 25million + 50million (big land) + 1million (educational fund demand) + 5million = 81millions
The payment with Mr. C went very smoothly, and on 2008, he transferred all his rights on the property to his siblings A and B. But it was different with Mr. D. After getting all the payment for 3 years amounting to 25million plus a big land (which later on he sold for 50million), he refused to get the final payment of 5million and refused to waive and transfer all his rights to his siblings A and B. He argued that he didnt get a fair deal and that he asked his siblings to bring the matter to the court. The other siblings just ignored his bullying and instead deposited the 5m in the bank in trust for Mr. D.
In the year 2012, Mr. D surfaced again and asked for the educational fund of 1million, but still never wish to accept d last payment of 5m and refused to sign the waiver of rights and interests.
1. If you were the lawyer for Mr. A and B, what would you advise them to do regarding Mr. D's demand of 1m educational fund?
2. Can Messrs. A and B sell or transfer the real properties without Mr. D's signature? If yes, how? If no, why?
Looks like he already had more than enough on the calculation after selling the land don't you think? What would you do?†
You can respond to his case by demanding to declare the land that he sold then the rest of the siblings may get more if his greediness shows that he had more than the siblings and yet stills bullied them.†
3. What do you think is the most rightful thing to do to finally settle the problem with Mr. D?
Find out the total amount he received including the amount selling of the land
4. Is there really a legal problem? †
He has no case, in fact if the rest of the siblings finds out about the land value they may have a case against him instead, now this is for you to find out what is the legal term to use to a greedy person like him!