Sale of business awaits Court of Appeals ruling
Published: November 18,2012
PRENTISS COUNTY — The state Court of Appeals says the sale of a Prentiss County business will await a local judge’s determination of its fair market value.
The Northeast Mississippi Daily Journal reports Martha Crow and her husband Sylvester signed a lease in 2005 with Crow’s Sports Center Inc., Lynn Lambert and Rhonda Lambert. It included an option-to-purchase.
After Sylvester Crow died in 2010, the Lamberts offered to buy the business. They included an appraisal for $47,000. Crow refused their offer citing two other appraisals for more than $100,000.
In 2011, a judge found that the option-to-purchase provision was enforceable.
The Appeals Court this week ruled while the provision was enforceable, the local judge should obtain an independent appraisal and hold a hearing to determine the property’s fair market value.
— Northeast Mississippi Daily Journal
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