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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
2010 LC CASE SUMMARIES No. 2007-CA-01647-COA, 20 So. 3d 710 (Miss. App. 2009) [USA]
Topics: Use
Article
Note: When the three children of Ruth L. Polk could not agree on the fate of the Polk Mansion, one daughter petitioned the chancery court for its partition and sale in connection with the estate proceedings. In an attempt to purchase the Mansion, the son, Frank Abner Polk ("Mr. Polk"), made a variety of attempts to purchase the property before it was to be sold at public auction, including an offer at a pre-auction to pay the full appraisal price plus ten dollars, which amounted to US$75,010, secured by a standby letter of credit from The Peoples Bank of Biloxi.
When the Chancery Judge declined to order the property sold to him, the auction proceeded and the property was sold to someone else. In an appeal by Frank, the Court of Appeals of Mississippi, King, C.J., affirmed the judgment of the chancery court, finding that it did not abuse its discretion and noting that he did not attempt to bid on the property at the auction.
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