Opinion ID: 887368
Heading Depth: 1
Heading Rank: 5

Heading: Falsity of the Representation

Text: ¶ 21 Gary's and Jackie's statements to Frieda about their financial situation were false. Even as Gary and Jackie were professing their poor final condition to Frieda, their financial statements reflected a net worth of $366,137.00 on January 18, 2000, with a projected income in the amount of $196,155.00; a net worth of $352,738.00 on January 30, 2001, with a projected income of $217,306.00; a net worth of $316,367.00 on February 1, 2002 (only one month after Frieda signed the waiver-of-interest document), with a projected income of $228,343.00; and a net worth of $338,295.00 on January 30, 2003, with a projected income of $310,198.00. In addition, Lowell Cooke, a real estate broker, testified that the agricultural value of the farm and grass land in question was in excess of $600,000.00. The value of the land for subdivision development was not discussed. ¶ 22 Moreover, Gary testified that prior to having Frieda sign the waiver-of-interest document, he had met with his bankers and was told that he could borrow enough money to pay off the Contract for Deed at 5% interest rather than the 9% he was paying Frieda. And, Jackie testified that if the District Court ordered them to pay off the ranch, they would not lose it.