General Electric Capital Assurance Corp., and Bank One, Texas, N.A. v. Barrie Brooks Jackson, Jr. and Milton E. Richards

CourtCourt of Appeals of Texas
DecidedFebruary 19, 2004
Docket01-02-00108-CV
StatusPublished

This text of General Electric Capital Assurance Corp., and Bank One, Texas, N.A. v. Barrie Brooks Jackson, Jr. and Milton E. Richards (General Electric Capital Assurance Corp., and Bank One, Texas, N.A. v. Barrie Brooks Jackson, Jr. and Milton E. Richards) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
General Electric Capital Assurance Corp., and Bank One, Texas, N.A. v. Barrie Brooks Jackson, Jr. and Milton E. Richards, (Tex. Ct. App. 2004).

Opinion

Opinion issued February 19, 2004





In The

Court of Appeals

For The

First District of Texas





NO. 01-02-00108-CV





GENERAL ELECTRIC CAPITAL ASSURANCE CO. AND BANK ONE TEXAS, N.A., Appellants


V.


BARRIE BROOKS JACKSON JR. AND MILTON E. RICHARDS, Appellees





On Appeal from the 127th District Court

Harris County, Texas

Trial Court Cause No. 99-25394





O P I N I O N


          Barrie Brooks Jackson, Jr., an appellee in this case, sued General Electric Capital Assurance Company (GECA), Bank One Texas, National Association (Bank One), and Milton E. Richards, alleging that GECA and Bank One wrongfully paid proceeds to Richards instead of Jackson and that Richards breached his fiduciary duty to Jackson in the management of those funds.

          Jackson, GECA, and Bank One all filed motions for summary judgment. The trial court granted Jackson’s motions against GECA and Bank One, holding that, as a matter of law, GECA and Bank One wrongfully paid funds to Richards that were supposed to be paid to Jackson. Jackson settled with Richards prior to trial. The case then proceeded to trial on the issue of attorneys’ fees, and the jury awarded Jackson attorneys’ fees in the amount of $24,000 to be paid by GECA, and $34,500 to be paid by Bank One.

          On appeal, Bank One argues in six issues that 1) Bank One was entitled to rely on the court order furnished by Richards that named Richards as the managing conservator of Jackson; 2) Bank One should not be liable to Jackson for releasing the proceeds of a certificate of deposit to the executor of the depositor’s estate, when the depositor’s will revoked any tentative trust in which the proceeds were previously held for the benefit of Jackson; 3) the one-satisfaction rule bars Jackson from recovering funds from his guardian in settlement, and then recovering the full amount of the funds a second time in a suit against Bank One; 4) the evidence is legally insufficient to support an award of attorneys’ fees; 5) a new trial on attorneys’ fees was necessary due to jury charge error; and 6) Bank One’s cause of action against Richards for unjust enrichment is not barred by limitations because it did not accrue until the judgment in this case.

          GECA, also appealing, argues in nine issues that 1) the trial court erred in denying GECA’s first motion for summary judgment on January 8, 2001; 2) GECA properly relied on the court order naming Anita Richards as managing conservator when it paid annuities to Anita Richards; 3) the trial court erred by granting Jackson’s motion for summary judgment filed against GECA on August 31, 2001; 4) article 21.55 of the Texas Insurance Code is inapplicable to annuity contracts; 5) even if article 21.55 could apply to the annuity contracts, it was error to assess penalties and attorneys’ fees against GECA; 6) Jackson is estopped from receiving attorneys’ fees under chapter 38 of the Texas Civil Practice and Remedies Code; 7) the trial court erred in denying GECA’s second motion for summary judgment filed on October 25, 2001; 8) the trial court erred in failing to give GECA a credit based on the settlement between Richards and Jackson; and 9) the trial court erred in not allowing GECA to introduce evidence of Jackson’s failure to initiate pre-suit negotiations and GECA’s attempts to solicit settlement demands.

          We reverse and render a take-nothing judgment in favor of Bank One and GECA.

Facts

          Lucille Richards, the grandmother of Jackson, purchased for Jackson’s benefit several investments during her lifetime. Among the investments were two deferred annuities that named Jackson as the sole beneficiary and a certificate of deposit that was to be held in trust for Jackson.

          Lucille Richards died in 1993, and Milton Richards, who was Lucille’s son and Jackson’s uncle and one of the court-appointed managing conservators of Jackson, notified GECA of Lucille’s death. GECA, which was responsible for the annuity payments, released a claim form to Jackson, and Anita Richards, the other court-appointed managing conservator, signed the form as Jackson’s “parent” and submitted a copy of an agreed order on a motion to modify in a suit affecting the parent-child relationship. The order identified Milton and Anita Richards as Jackson’s joint managing conservators, and stated that Milton and Anita had “all the rights, privileges, duties, and powers of a parent.” Anita also signed a “Declaration of Parent” in which she declared that she was Jackson’s “parent” and requested that GECA make a lump sum payment of the annuities on Jackson’s behalf.

          Meanwhile, Milton Richards contacted Bank One and requested that they release the CD proceeds to him. Milton presented Bank One with a death certificate, letters testamentary, and the court order appointing him as one of Jackson’s managing conservators, with “all rights, privileges, duties, and powers of a parent.” After receiving the documents presented by Milton, Bank One released the proceeds to him.

          Thereafter, Jackson alleged that Milton and Anita Richards had mismanaged the funds that were supposed to be held for his benefit. Jackson then sued Milton and Anita for breach of fiduciary duty and sued Bank One and GECA, as well as other financial institutions, for wrongfully paying funds to Milton and Anita rather than to Jackson.

Standard of Review

          Both GECA and Bank One filed motions for summary judgment against Jackson that were denied by the trial court, and both are requesting that this Court reverse and render judgment for them as to Jackson’s claims against them.

          The standards for reviewing a motion for summary judgment are as follows: (1) the movant for summary judgment has the burden of showing that there is no genuine issue of material fact and that the movant is entitled to judgment as a matter of law; (2) in deciding whether there is a disputed material fact issue precluding summary judgment, evidence favorable to the nonmovant will be taken as true; and (3) every reasonable inference must be indulged in favor of the nonmovant and any doubts resolved in the nonmovant’s favor. Nixon v. Mr. Prop. Mgmt. Co., 690 S.W.2d 546, 548-49 (Tex. 1985). A defendant is entitled to summary judgment if at least one element of each of the plaintiff’s causes of action is negated as a matter of law. Doe v. Boys Clubs of Greater Dallas, Inc.

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Bluebook (online)
General Electric Capital Assurance Corp., and Bank One, Texas, N.A. v. Barrie Brooks Jackson, Jr. and Milton E. Richards, Counsel Stack Legal Research, https://law.counselstack.com/opinion/general-electric-capital-assurance-corp-and-bank-one-texas-na-v-texapp-2004.