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Any chance yours has the star adjusters? If those aren't adjusted properly they can cause your failure to hold on a slope in addition to the more common causes such as worn shoes, frozen actuators and misadjusted cables. Some early 240s still had the early Girling rears with those adjusters as in the 140s. I see elsewhere a mention by one 1980 240 owner that had them. Yours as a limited production model may have come from a different assembly plant and be more likely to be different than others of your year.
Also check if the two cables are somehow uneven side to side by jacking it up and checking to see how many hand brake notches until you start to feel resistance one side vs the other and again how many notches until you can no longer turn each by hand. They should be very close if both sides have new shoes, new rotors and were recently cleaned up with everything moving freely.
Also for handbrake adjustment with the 17mm nut, the Volvo spec calls for 2-3 notches until the brakes are fully set. In practice I've often found 3-4 notches may be needed. At 2-3 notches, when released the brakes often still drag (a little scuffing is normal). Also, at 2-4 notches there seems to be more leverage than at 5-7 notches.
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now
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