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EXCEL - IDEA: XBRL DOCUMENT - SKYLINE CORPFinancial_Report.xls
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v2.4.0.6
Note Receivable
6 Months Ended
Nov. 30, 2012
Note Receivable [Abstract]  
Note Receivable

NOTE 5 Note Receivable

During the second quarter of fiscal 2013, the Corporation sold two idle recreational vehicle facilities in Hemet, California. The sale of the facilities included a down payment of $500,000 and a promissory note of $1,700,000 to the Corporation. Selling expenses related to the sale, which were paid by the Corporation, were approximately $152,000. This resulted in net cash received from the transaction of approximately $348,000. The note bears an interest rate of 6 percent per annum, requires monthly payments following a 20 year amortization schedule, and provides for a final payment after 6 years. In addition, the two facilities are collateral for the note.