Banner Bank v. Smith

25 F.4th 782
CourtCourt of Appeals for the Tenth Circuit
DecidedFebruary 7, 2022
Docket19-4131
StatusPublished

This text of 25 F.4th 782 (Banner Bank v. Smith) is published on Counsel Stack Legal Research, covering Court of Appeals for the Tenth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Banner Bank v. Smith, 25 F.4th 782 (10th Cir. 2022).

Opinion

Appellate Case: 19-4131 Document: 010110641811 Date Filed: 02/07/2022 Page: 1 FILED United States Court of Appeals PUBLISH Tenth Circuit

UNITED STATES COURT OF APPEALS February 7, 2022

FOR THE TENTH CIRCUIT Christopher M. Wolpert _________________________________

BANNER BANK, successor by merger of American West Bank which formerly did business in Utah as Far West Bank,

Plaintiff Counter Defendant – Appellant,

v. No. 19-4131

JAMES M. SMITH, a Utah resident; LOREE C. SMITH, an individual,

Defendant Counterclaimants – Appellees. _________________________________

Appeal from the United States District Court for the District of Utah (D.C. No. 2:12-CV-00763-CW) _________________________________

Steven W. Call, Ray Quinney & Nebeker P.C., Salt Lake City, Utah (Jonathan A. Dibble, Ray Quinney & Nebeker P.C., Salt Lake City, Utah, with him on the briefs), for Plaintiff Counter Defendant - Appellant.

Robert D. Drummond, Jr., Robert D. Drummond, Jr. Law Office, Fairhope, Alabama (Dallis Nordstrom Rohde, Carman Lehnhof Israelsen LLP, Salt Lake City, Utah, with him on the briefs), for Defendant Counterclaimants - Appellees. _________________________________

Before HARTZ, PHILLIPS, and EID, Circuit Judges. _________________________________

EID, Circuit Judge. _________________________________ Appellate Case: 19-4131 Document: 010110641811 Date Filed: 02/07/2022 Page: 2

Banner Bank (“Banner”) provided a multimillion-dollar loan to James and

Loree Smith and their business entities. 1 As collateral, James Smith pledged several

properties. Banner later contracted to release Loree Smith from all actions associated

with the loan. When the loan entered default, Banner named Loree in this diversity

action to foreclose on the collateral, notwithstanding the release. Loree brought a

successful breach of contract counterclaim and recovered attorneys’ fees through

Utah’s bad-faith fee-shifting statute. See Utah Code Ann. § 78B-5-825. After

finding Loree satisfied every statutory requirement, the district court issued a

judgment awarding $105,550 in fees to Loree. Banner appeals, arguing that every

prong of the bad-faith statute is unmet and the fee award was unreasonable. We also

asked the parties to brief the question whether the judgment below is final. Finding

that it is, we exercise our jurisdiction under 28 U.S.C. § 1291. We do not reach any

of Banner’s specific statutory arguments but reverse the fee award for a more

fundamental reason. Section 78B-5-825 is a procedural attorneys’ fees statute, so it

cannot be used to recover fees when a federal court sits in diversity.

I.

James Smith owned a business: Real Estate Investor Support (“REIS”). James

Smith also owned real and personal property across the United States, some of which

his ex-wife Loree Smith co-owned. Banner’s predecessor loaned money to REIS. As

part of the agreement, REIS gave Banner a promissory note worth $2.3 million in

1 Banner Bank is the successor by merger of AmericanWest Bank, which formerly did business in Utah as Far West Bank. 2 Appellate Case: 19-4131 Document: 010110641811 Date Filed: 02/07/2022 Page: 3

July 2009. James personally guaranteed the loan and signed a Deed of Trust that put

up several properties in Oregon (eleven parcels of land, called the Eleven Parcels,

and a condominium, called Unit 7) as collateral. The Eleven Parcels were solely

owned by James, while Unit 7 was at that time jointly owned by James and Loree.

James signed the document but Loree refused. Banner accepted the deed

anyway and tried to record it in Oregon. The county recorder’s office rejected the

filing because Loree had not signed it.

Banner revised the trust deed in September 2010 to remove Unit 7 from the

property securing the loan and delete Loree’s name and signature block. James

signed the revised deed but only sent Banner an electronic copy of the signature

page, retaining the original. Banner did not receive or record the revised deed of

trust.

Meanwhile, in December 2010, REIS, James, and Loree sold REIS’s assets to

Real Estate Investor Education (“REIE”). REIE agreed to assume the Banner loan.

It also agreed to release Loree from any lawsuits that might arise in connection with

it. The release states:

In consideration of this Agreement, the Borrower and Lender, on behalf of themselves, their successors, assigns, legal representatives (collectively and individually, the “Releasing Parties”), hereby fully, finally and completely RELEASE and FOREVER DISCHARGE Loree Smith of and from any and all claims, controversies, disputes, liabilities, obligations, demands, damages, debts, liens, actions and causes of action of any and every nature whatsoever relating to the Loan.

Aplt. App’x Vol. I at 150.

3 Appellate Case: 19-4131 Document: 010110641811 Date Filed: 02/07/2022 Page: 4

REIE defaulted in March 2011. James, the guarantor, did not make any

payments on the loan. Banner’s only recourse was the property James pledged, so it

“determined that it needed to record the defective Deed of Trust.” Aplt. App’x

Vol. IV at 846. Through counsel, Banner made multiple changes to the original,

defective deed using pen, pencil, and white-out. In July 2011, Banner recorded the

altered document.

In August 2012, Banner filed this action against REIS, REIE, JMS Marketing,

James, Loree, and ten John Does to enforce the loan and foreclose on James’s interest

in the Eleven Parcels and Unit 7. 2 To foreclose on solely James’s interest, Banner

sought a declaratory judgment that Loree did not hold any interest in the collateral.

Loree, as a third-party beneficiary of the release, brought several counterclaims,

including breach of contract, against Banner. James also brought counterclaims.

Banner attached a copy of the trust deed to its complaint, but the copy did not contain

the alterations described above. The alterations were likewise not visible in the copy

certified by the Oregon county, or in any copy provided during discovery.

The district court ruled that all defendants except Loree were liable for the

loan amount. In 2014, the court entered default judgments against REIS, REIE, and

JMS Marketing. Then, in 2017, the district court entered summary judgment against

James, holding him liable for the same sum. However, the court declined to enter

summary judgment on the issue of foreclosing on the Oregon property because of

2 The district court properly invoked its diversity jurisdiction because the parties were of diverse citizenship. See 28 U.S.C. § 1332. 4 Appellate Case: 19-4131 Document: 010110641811 Date Filed: 02/07/2022 Page: 5

factual disputes concerning the altered deed. In that same order, the district court

rejected all counterclaims brought by James and Loree except Loree’s counterclaim

for breach of contract, on which it reserved judgment.

In December 2014, Loree obtained sole ownership of Unit 7 pursuant to a final

order entered in the Smiths’ Florida divorce case. In 2017, Banner released its

interest in Unit 7, so the sole pending claim against James concerned only the Eleven

Parcels he owned in full. The other claim remaining at that point was Loree’s

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Cite This Page — Counsel Stack

Bluebook (online)
25 F.4th 782, Counsel Stack Legal Research, https://law.counselstack.com/opinion/banner-bank-v-smith-ca10-2022.