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Supreme Court of Guam |
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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URL: http://www.paclii.org/gu/cases/GUSC/2000/32.html