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Contract Law Appellate Court Opinion

by Zigadto, Janet


AC44380 - Reiner v. Reiner (Declaratory judgment; contract interpretation; interest; settlement agreement; "In this declaratory judgment action, the defendant Michael D. Reiner appeals from the judgment of the trial court rendered in favor of the plaintiff Jeffrey A. Reiner. On appeal, the defendant claims that the court erred in concluding that the term 'interest,' as used in the buyout provisions of the parties' settlement agreement (agreement), meant 'equitable interest' and, thus, that the buyout amount for the defendant's interests in certain parcels of real property is equal to his percentage interest in each property multiplied by the difference of the fair market value of the property minus any outstanding mortgage debt. We disagree and, accordingly, affirm the judgment of the trial court.")