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RENDERED DECEMBER 18, 2009; 10:00 A.M. NOT TO BE PUBLISHED

Commonwealth of Kentucky Court of Appeals
NO. 2008-CA-001721-MR PETER CLEGHORN; ANN SALTANIS; AND CLEGHORN-SALTANIS FAMILY TRUST

APPELLANTS

v.

APPEAL FROM WARREN CIRCUIT COURT HONORABLE JOHN R. GRISE, JUDGE ACTION NO. 06-CI-00925

GEORGE HOLDER, III

APPELLEE

OPINION AND ORDER AFFIRMING ** ** ** ** ** BEFORE: CAPERTON, DIXON, AND TAYLOR, JUDGES. DIXON, JUDGE: Peter Cleghorn, Ann Saltanis, and the Cleghorn-Saltanis Family Trust (collectively, "Cleghorn"), appeal the Warren Circuit Court's findings of fact, conclusions of law, and judgment in favor of George Holder, III ("Holder"). We affirm.

In August 2005, Cleghorn entered into a written agreement with Holder for a like-kind exchange of real estate located in Warren County, Kentucky.1 On October 4, 2005, the parties executed a handwritten addendum, which stated: It is agreed and understood by the undersigned that with respect to the exchange proposal involving the commercial building at 1412 Memphis-Limestone Rd. in Bowling Green, KY & 8550 Sentinae Chase Rd. in Roswell, GA the following terms & conditions will be added to & will modify the original exchange agreement. 1. The KY property exchanging owner will agree to pay 1% of the GA property exchanging party's origination/loan costs. 2. The GA property exchanging party will tender via wire transfer within 3 business days the sum of fifteen thousand dollars ($15,000.00) to the KY property owners' attorneys' escrow account. This amount is 100% non-refundable and is for a 30 day extension to the original exchange agreement. In the event the GA property exchanging party desires or requires an additional 30 day extension it will be granted upon the immediate payment of an additional ten thousand dollars ($10,000.00) which is also then 100% nonrefundable. /s/ Peter Cleghorn /s/ George Holder /s/ Perry Poston, witness In the months following the execution of the addendum, Cleghorn transferred a total of $95,000.00, to the escrow account of Holder's attorney. When the parties
1

Pursuant to section 1031 of the Internal Revenue Code, 26 U.S.C.

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