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Town House Department Stores Inc v Ahn [2000] GUSC 32; 2000 Guam 32 (28 December 2000)

IN THE SUPREME COURT OF GUAM

TOWN HOUSE DEPARTMENT STORES, INC.
Plaintiff-Appellant

vs.

HI SUP AHN, CHUNG OK AHN, HI CHUNG AHN
JOHN L. AHN, and DAVID L. AHN
Defendants-Appellees

OPINION

Filed: December 28, 2000

Cite as: 2000 Guam 32

Supreme Court Case No. CVA00-006
Superior Court Case No. CV2022-98

Appeal from the Superior Court of Guam
Argued and submitted on October 25, 2000
Hagåtña, Guam


Appearing for the Plaintiff-Appellant:
James M. Maher, Esq.
MAHER & THOMPSON, P.C.
140 Aspinall Ave., Ste. 201
Hagåtña, Guam 96910

Appearing for the Defendants-Appellees:
David J. Highsmith, Esq.
The Law Office of David J. Highsmith, P.C.
Ste. 209, Union Bank Bldg.
194 Hernan Cortes Ave.
Hagåtña, Guam 96910


BEFORE: BENJAMIN J. F. CRUZ, Chief Justice, PETER C. SIGUENZA, JR., Associate Justice, and JOHN A. MANGLONA, Designated Justice

SIGUENZA, J.:

[1] After a bench trial, Town House Department Stores, Inc. (ATown House@) appeals the judgment of the Superior Court of Guam not to set aside certain transfers of real property as fraudulent. After review of the record, with consideration of and due deference to the lower court's findings of fact, we find that the trial court erred when it concluded that the challenged conveyances were not fraudulent and therefore (1) reverse its judgment; (2) order that judgment be entered for Town House; and (3) remand for further proceedings.

I - BACKGROUND


[2] On December 9, 1994, Hi Sup Ahn, as president of T&K Development Corp. (AT&K@), executed a sales contract for the purchase of furniture from Town House at the price of three hundred twenty thousand dollars ($320,000.00). Between February and November, 1995, Town House had contacted Ahn regarding T&K's failure to make payments on the sales contract and informed him that continued failure to pay would result in the repossession of the furniture and referral to an attorney for any deficiency. Around the same time, Hi Sup and Chung Ok Ahn had been experiencing serious financial difficulties.[1] On December 29, 1995, the sales contract was restructured due to T&K's inability to make the monthly payments. Hi Sup Ahn executed the revised contract on behalf of T&K. He additionally executed a personal guaranty of T&K's contract with Town House.


[3] Throughout 1996, Hi Sup Ahn continued to experience financial difficulties and was unable to make payments on several loans and mortgages. By August of 1996, Hi Sup and Chung Ok Ahn were indebted for approximately five hundred forty two thousand dollars ($542,000.00).[2] On August 9, 1996, Ahn informed Town House that T&K would be unable to make payments according to its payment schedule. Ten days later, on August 19, 1996, the Ahns conveyed all of their real property, consisting of interests in their Barrigada Heights residence and seven lots located in Ipan, to their three adult children Hi Chung Ahn, John L. Ahn, and David L. Ahn. The conveyances were accomplished by deeds of gift.


[4] On January 29, 1997, Town House filed a Complaint on the guaranty in Town House Department Stores, Inc. v. Hi Sup Ahn


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