Fortress Properties, LLC v. Community Trust Bank, Inc.

CourtCourt of Appeals of Kentucky
DecidedDecember 21, 2022
Docket2022 CA 000233
StatusUnknown

This text of Fortress Properties, LLC v. Community Trust Bank, Inc. (Fortress Properties, LLC v. Community Trust Bank, Inc.) is published on Counsel Stack Legal Research, covering Court of Appeals of Kentucky primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fortress Properties, LLC v. Community Trust Bank, Inc., (Ky. Ct. App. 2022).

Opinion

RENDERED: DECEMBER 22, 2022; 10:00 A.M. NOT TO BE PUBLISHED

Commonwealth of Kentucky Court of Appeals

NO. 2022-CA-0233-MR

FORTRESS PROPERTIES, LLC AND MAJEED NAMI APPELLANTS

APPEAL FROM LAUREL CIRCUIT COURT v. HONORABLE MICHAEL O. CAPERTON, JUDGE ACTION NO. 18-CI-00421

COMMUNITY TRUST BANK, INC. AND BROOKS DIVERSIFIED, LLC APPELLEES

OPINION AND ORDER DISMISSING IN PART AND AFFIRMING IN PART

** ** ** ** **

BEFORE: CLAYTON, CHIEF JUDGE; CALDWELL AND MAZE, JUDGES.

MAZE, JUDGE: Fortress Properties, LLC (Fortress) and its owner, Majeed Nami

(Nami),1 appeal from orders of the Laurel Circuit Court entered on December 2,

1 Hereafter Appellants will be referred to collectively as “Fortress” unless the context specifically requires otherwise. 2019, January 13, 2020, April 5, 2021, and February 15, 2022, arising out of a

foreclosure case against Brooks Diversified, LLC.

I. BACKGROUND:

In May of 2018, First State Bank of the Southeast (FSB) initiated a

foreclosure action against the real estate of Brooks Diversified, LLC. Brooks

Diversified, LLC was not in default. However, its principal, Jason Brooks had

died.

Fortress moved to intervene, claiming an interest in the subject

property, since they had originally conveyed it to Brooks Diversified, LLC

pursuant to a development agreement. Their complaint set out numerous breaches

of that agreement as well as claims for misappropriation and unjust enrichment.

They later paid the sum due and owing to FSB and an agreed order was entered

substituting them as plaintiffs, realigning the parties, and dismissing FSB. Fortress

and Nami then proceeded to enforce the FSB note and mortgage.

On February 11, 2019, a judgment and order of sale was entered,

awarding Fortress a first priority lien on three separate parcels of land and a

judgment in the sum of $263,589.74 as of September 12, 2018, with interest at the

rate of $66.38 per day until paid, together with attorney fees and costs paid as of

September 12, 2018, in the amount of $4,926.59. The order also provided that, if

Fortress chose to bid on the property at the master commissioner’s sale, it would be

-2- entitled to a credit against its judgment without the need for the usual cash deposit.

The master commissioner was directed to sell each of the subject tracts separately.

Only if Tracts I and III failed to generate sufficient revenue to pay the FSB

indebtedness would the sale of Tract II be required.

The master commissioner’s sale took place on April 12, 2019, and the

commissioner filed her report, indicating that Tract I had been sold to Bill and Judy

Deaton for $150,000.00, Tract III was sold to Fortress for $25,000.00, and Tract II

was sold to Keisha Brooks for $258,000.00. She paid the required 10% payment

of $25,800.00.

The master commissioner moved the court for confirmation of the

sale. The matter was heard by the court on May 10, 2019. Despite having heard

Fortress’ objection that Keisha Brooks had not paid the balance due on her bid

within thirty days, the court signed its order confirming sale, ordering deed, and

partial distribution of sale proceeds. The order stated that the purchasers had

“made full and complete payment,” and that the master commissioner had

proceeds in her hands in the sum of $408,000.00. The order, entered by the clerk

on May 13, 2019, further provided that “All liens held by any party hereto are

released by this Order.” Also on May 13, 2019, Keisha Brooks assigned her bid to

Brooks Diversified, LLC.

-3- Brooks Diversified, LLC moved the court to alter or amend its order

of May 13, 2019. It reasoned that when the sums paid by the purchasers of Parcels

I and III were applied to the balance owed on the FSB note, a balance of

$107,522.51 remained. After further applying Keisha Brooks’ 10% payment of

$25,800.00, Fortress was then owed a balance of $81,722.51. That sum having

been paid by Brooks Diversified, LLC to the master commissioner pursuant to its

assigned bid, it asked that the court’s May 13, 2019, order be amended to reflect

that Fortress has been paid in full on the FSB note.

The court attempted to resolve this issue and the concerns previously

raised by Fortress by order entered on September 3, 2019. After having confirmed

the master commissioner sales to Fortress and the Deatons, the court vacated the

sale to Keisha Brooks and ordered that the 10% payment and the Brooks

Diversified, LLC payment of $107,522.51 be refunded. The deed to Brooks

Diversified, LLC was declared void. The master commissioner was ordered to

resell Tract II.

Brooks Diversified, LLC immediately filed its motion for CR2 60.02

relief and on December 2, 2019, the court vacated the September 3, 2019, order.

Instead, it ordered that:

2 Kentucky Rules of Civil Procedure.

-4- 1. The Master Commissioner shall issue a deed to Keisha Brooks for the subject property she has the successful bid on;

2. Should the trial or other conclusion of this matter result in a determination that the Defendant does not owe Plaintiffs any money, Keisha Brooks shall own the property free and clear of all claims of Plaintiffs;

3. Should the trial or other conclusion of this matter result in a determination that Defendant owes Plaintiffs money, Keisha Brooks shall have the option to:

(a) Pay all monies owed by Defendant to Plaintiff within a reasonable time and own the property free and clear of the claims of Plaintiffs; or

(b) Notify the Court of her election to forfeit the property and receive a full refund of all sums paid to the Master Commissioner for the property and the property shall then be resold by the Master Commissioner.

Thus, while the sum of $133,123.10 was distributed to Fortress by the

master commissioner, the amount paid by Keisha Brooks, $107,522.51 was

withheld pursuant to the court’s order of January 13, 2020.

Brooks Diversified, LLC filed its motion for summary judgment as to

the claims as set forth in Fortress’ intervening complaint. On April 5, 2021, the

court entered its order granting in part and denying in part.

-5- Summary judgment was awarded in favor of Brooks Diversified, LLC

on Fortress’ claims that it was entitled to recover under a rental agreement for the

“use and occupation of a home on the subject property.” The court also granted

summary judgment as to Fortress’ claims that Brooks Diversified, LLC breached

the development agreement by failing to develop the real estate, by using the

financing it obtained from FSB for purposes other than developing the real estate,

and by defaulting on the FSB loan. The court also granted summary judgment as

to the issue of reconveyance under the agreement, since it requires reconveyance

under only two circumstances: 1) failure to obtain financing; or 2) failure to

commence development and/or construction within ninety days and Brooks

Diversified, LLC had met both of those requirements.

However, the court concluded that there were genuine issues of

material fact which precluded summary judgment as to Fortress’ remaining claims,

including, recoupment and net profit from the sale of a townhouse to Michele

Jarboe, misappropriation/unjust enrichment, and loans purportedly made by

Brooks Diversified, LLC to Fortress and/or Nami.

On December 18, 2020, Community Trust Bank (CTB) filed its

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