Freelon v. GRG Farms, Inc.

2024 Ohio 4764, 254 N.E.3d 749
CourtOhio Court of Appeals
DecidedSeptember 30, 2024
DocketH-23-022
StatusPublished
Cited by2 cases

This text of 2024 Ohio 4764 (Freelon v. GRG Farms, Inc.) is published on Counsel Stack Legal Research, covering Ohio Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Freelon v. GRG Farms, Inc., 2024 Ohio 4764, 254 N.E.3d 749 (Ohio Ct. App. 2024).

Opinion

[Cite as Freelon v. GRG Farms, Inc., 2024-Ohio-4764.]

IN THE COURT OF APPEALS OF OHIO SIXTH APPELLATE DISTRICT HURON COUNTY

Suzanna Freelon, As a Director of Court of Appeals No. H-23-022 GRG Farms, Inc. and as Successor Trustee of the Homer Ray Roof Trial Court No. CVH 2021 765 Revocable Living Trust

Appellee

v.

GRG Farms, Inc. et al. DECISION AND JUDGMENT

Appellants Decided: September 30, 2024

*****

Eric T. Michener and Gage T. Righter, for appellee.

Thomas L. Anastos for appellants.

***** ZMUDA, J.

I. Introduction

{¶ 1} Appellants, GRG Farms, Inc. and Norman Gannett, appeal the July 7, 2023

judgment of the Huron County Court of Common Pleas granting summary judgment in

favor of Suzanna Freelon, as Director of GRG Farms Inc., and as Successor Trustee of

the Homer Ray Roof Revocable Living Trust (“Freelon”), on her claim for judicial dissolution of GRG Farms, Inc. 1 For the following reasons, we affirm the trial court’s

judgment.

II. Facts and Procedural Background

{¶ 2} The following facts were developed from the parties’ depositions, affidavits,

discovery responses, and supporting Civ.R. 56 documents.

{¶ 3} In 2004, Gannett and Homer Roof formed GRG Farms, Inc., a beef cattle

breeding business. The Huron County, Ohio, business was located on 356-acres of land

owned originally owned by Gannet’s mother and aunt (the “Gannett Property”). Though

the transaction’s genesis is unclear, in September 2004, evidenced by a notarized

statement, Roof tendered $84,000 to Gannett’s mother who, in turn, purchased the

remaining property from Gannett’s aunt.

{¶ 4} On October 1, 2004, GRG’s board of directors, which consisted of Gannett,

Roof, and Roof’s wife, Louann Schroeder, held an organizational meeting. At the

meeting, the board elected Gannett the president of GRG, Roof the vice-president, and

Schroeder the secretary and treasurer. That same day, Roof, through the Homer J. Roof

1 Throughout the underlying action and this appeal, Gannett and GRG have made all their filings jointly. We cannot determine, based on the record before us, whether these parties’ interests are so aligned that joint filings are appropriate. For example, it is unclear that Gannett would have standing, as a shareholder, to file a declaratory judgment action against Freelon to declare the agreement void or an unjust enrichment claim to recover monies paid to Roof under that allegedly invalid agreement when he was not a party to the agreement. However, we make no findings related to the alignment of Gannett and GRG’s interests as that issue was not raised by the parties and because our decision resolves the assigned errors independent of any potential conflicting interests they may have.

2. Revocable Living Trust, and Gannett were named the sole shareholders, each holding 50

shares of stock as evidenced in the stock and transfer ledger. In exchange for the shares,

Gannett promised to transfer the Gannett Property and Roof agreed to transfer one 58-

acre parcel (the “Roof Property”). The agreement was ratified by resolution which

provided:

RESOLVED, that acceptance of the offer of the abovenamed stock

subscribers is in the best interest of the Corporation and necessary for

carrying out the corporate business, and in the judgment of the Board of

Directors, the assets proposed to be transferred to the Corporation are

reasonably worth the amount of consideration deemed therefor, and the

same is hereby accepted, and that upon receipt of the consideration

indicated above, the President and the Secretary are authorized to issue

certificates of fully-paid, non-assessable capital stocks of this Corporation

in the amounts indicated to the abovenamed persons.

{¶ 5} While Gannett transferred the Gannett Property by deed recorded on

December 6, 2004, Roof never transferred his parcel. At the time of the stock

distribution, the Roof Property was owned by SSU, Inc., of which Roof was president

and an owner. Gannett claimed that that he was not aware that the Roof Property had not

been transferred at that time.

3. {¶ 6} Gannett stated that Roof “supported” the startup of GRG by providing 40-50

cows, valued at approximately $400-500 per cow. The pair also used Roof’s equipment

to clear land and plant fields.

{¶ 7} In 2006, Roof told Gannett that the Roof Property had been sold. Gannett

claimed that prior to the sale, he was not aware that GRG was not the owner of the

property. Gannett admittedly did not inquire as to the purchaser of the property, the

purchase price, or whether the proceeds benefited GRG. He maintained that sometime

after Freelon became a director, in approximately 2020, he learned that the Roof Property

was never transferred to GRG.

{¶ 8} Gannett denied any oversight of business expenses. He indicated that

purchases by GRG were paid with money in the business checking account. He had no

knowledge of where the money came from to pay bills or taxes, or who paid them. For

example, in 2005, a fence was built on the property with materials Roof purchased at an

auction; Gannett did not know the source of the funds. In 2007, a hay barn was

constructed on the property at a cost of approximately $58,000. It was paid for through

GRG, and Gannett stated that Roof hired the contractors. The company did not have

annual meetings, and he and Roof generally conducted business telephonically.

{¶ 9} Gannett stated that GRG was never profitable. The only distributions made

to the shareholders were equal payments in 2012, of $22,500 for the sale of timber, and in

2017, of $419,079 for a pipeline easement on the property. GRG’s shareholders

occasionally split a small profit from custom hay baling.

4. {¶ 10} GRG’s treasurer, Schroeder, provided financial information to the

corporation’s accountants, who, in turn, generated spreadsheets captioned “Note payable

to shareholder” and included running totals of sums contributed by Gannett and Roof and

sums owed to Gannett and Roof by GRG, including interest. Monies provided by Roof’s

company, SSU, were also included. Notably, the information listed values for both the

Roof Property, which had never been transferred, and the Gannett Property.

{¶ 11} The federal income tax returns, prepared by the same accounting firm,

reflected the listed notes payable to shareholders as the amount represented in the

spreadsheets. In 2011, 2014, and 2015, the firm prepared cognovit notes reflecting the

amounts owed to Roof and Gannett; they were never executed.

{¶ 12} Gannett was questioned about the income tax returns in years 2012-2018,

prepared by the accounting firm, representing that the shareholders, particularly Roof,

was owed more than $500,000. Gannett stated that he neither reviewed nor signed tax

documents.

{¶ 13} After Roof died in 2019, his wife, Schroeder, was appointed successor

trustee of the trust. Following Schroeder’s death in 2020, Roof’s daughter, Freelon,

became the trustee. Gannett consented to Freelon, as successor trustee, being named as a

director of GRG. In 2021, Gannett and Freelon entered negotiations for a buyout of

Freelon’s shares in the company. Negotiations broke down after Gannett was unable to

secure financing.

5. {¶ 14} On September 13, 2021, Freelon commenced this action by filing a verified

complaint for dissolution of GRG, pursuant to R.C. 1701.91(A)(4).

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2024 Ohio 4764, 254 N.E.3d 749, Counsel Stack Legal Research, https://law.counselstack.com/opinion/freelon-v-grg-farms-inc-ohioctapp-2024.