Theresa and Ricky LaShelle divorced in 1985. Theresa was awarded the house, where she resided with the
Question:
Theresa and Ricky LaShelle divorced in 1985. Theresa was awarded the house, where she resided with the couple’s two children. She was responsible for paying the first mortgage contract on the home, and Ricky for paying the second mortgage. His assumption of the second mortgage was in lieu of his paying maintenance and child support. At the time of the divorce, Ricky was losing $40,000 per year; Theresa was earning $12,000 per year. Ricky continued to lose money in 1986 and finally sold his tractor to Ostendorf in return for Ostendorf’s paying off the second mortgage contract, which he failed to do. Ricky later filed for bankruptcy and sought to be discharged from his duty to pay off the second mortgage. Was Ricky’s duty to make the mortgage payments delegable?
Step by Step Answer:
Law for Business
ISBN: 978-1259722325
13th edition
Authors: A. James Barnes, Terry M. Dworkin, Eric L. Richards