The MacArthur Foundation awarded a grant to former University of Wisconsin law professor Thomas Wilson Mitchell. Professor Mitchell is the driving force behind the Uniform Partition of Heirs Property Act of 2010. This Uniform Act has been introduced in Nebraska, but no action has yet been taken.
The problem is that some people die without a will and then the real estate is not probated. Heirs then end up as tenants in common. In some cases, a stranger will purchase an undivided interest in the real estate and force a partition sale. Not good!
Another solution is a quiet title action. I had to file one in Saunders County and there were ...
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In honor of Officer Mario Herrera and our police
September 7, 2020
Lincoln police officer Mario Herrera was shot in the line-of-duty while serving a felony arrest warrant related to a homicide. He was transferred to the University of Nebraska Medical Center in Omaha where he underwent a number of surgeries. He died Monday at 3:30 a.m. He is survived by a wife and four children.
I paid my respects as his body was transported back home to Lincoln. In the two-block area I could observe, there were about 300 people with flags and supportive signs. Both the Omaha and Ralston Fire Departments were along the procession route. I counted 27 motorcycles and the entire procession was at least ...
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Inheriting and valuing shares in a closely held corporation
Cheryl inherited her husband's 50 percent interest in a trucking and crop-spraying business in northeast Nebraska. There was no buy-sell and no mechanism to value Cheryl's shares.
The company had over $1 million in assets but also $1m in debt. While the tax returns showed little profit the cash flow was solid and the debt could be serviced.
Cheryl filed an action for judicial dissolution of the corporation. Her husband's business partner filed a pleading stating that he would purchase her half interest for $40,000, but that was not accepted by Cheryl.
The case went to trial. Cheryl's expert valued the entire company at between ...
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