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Contracts Keyed to Calamari
Detroit Bank and Trust Co. v. Chicago Flame Hardening Company
Facts
The Defendant was the Chicago Flame Hardening Company (the "Defendant"). Marvin R. Scott ("Mr. R. Scott"), Gainor D. Scott ("Mr. D. Scott"), and John R. Keeler ("Mr. Keeler") were the only shareholders of the Defendant corporation (collectively referred to as the "Shareholders"). On July 29, 1964, the Shareholders agreed that if one of the Shareholder's wives died, the corporation would pay the wife from the date of her husband's death "a graduated monthly stipend over a fifteen (15) year period totaling $150,300 to terminate in the event of her death if prior to the expiration of the payment period." The Shareholders surviving spouse would have to provide some services to the Defendant corporation. There was no specific right to rescind in the agreement. On July 12, 1967, Mr. Keeler died and his wife Marjorie Scott Keeler ("Ms. Keeler") began receiving the monthly stipend. She received payments for about four years, but during 1971 and 1972 she agreed to postpone payments because of the Defendant's precarious financial situation. On February 15, 1971, Mr. R. Scott, Mr. G. Scott and Ms. Keeler adopted a second corporate resolution rescinding Mr. R. Scott's wife, Roxanne Scott ("Ms. Scott") right to receive the monthly payments set forth in the July 29, 1964 resolution. Previously, Ms. Scott said she forgot about the July 29, 1964 resolution. However, Ms. Scott was aware that Ms. Keeler was receiving payments pursuant to the July 29, 1964 resolution. Mr. R. Scott died on October 31, 1971, and upon learning that the July 29, 1964 resolution was no longer valid, the Plaintiff, Detroit Bank & Trust Co. (the "Plaintiff") brought suit. The Plaintiff was appointed guardian for Ms. Scott. The Plaintiff brought suit for the pay¬ments due under the original resolution.
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