Jim Spangler v. Mack McClung

CourtCourt of Appeals of Tennessee
DecidedJanuary 22, 2025
DocketM2024-00055-COA-R3-CV
StatusPublished

This text of Jim Spangler v. Mack McClung (Jim Spangler v. Mack McClung) is published on Counsel Stack Legal Research, covering Court of Appeals of Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Jim Spangler v. Mack McClung, (Tenn. Ct. App. 2025).

Opinion

01/22/2025 IN THE COURT OF APPEALS OF TENNESSEE AT NASHVILLE November 7, 2024 Session

JIM SPANGLER ET AL. v. MACK MCCLUNG

Appeal from the Chancery Court for Davidson County No. 21-0203-II Anne C. Martin, Chancellor ___________________________________

No. M2024-00055-COA-R3-CV ___________________________________

At issue in this appeal are claims for unjust enrichment and breach of a limited liability company’s operating agreement. The plaintiff, individually and on behalf of the LLC, filed the complaint against his business partner. The complaint alleged that the defendant breached the LLC’s operating agreement by executing a promissory note to satisfy a foreclosure deficiency and by securing that note with a deed of trust on the LLC’s remaining real estate. After a bench trial, the court dismissed the plaintiff’s claims with prejudice. The court found that the promissory note was an extension or renewal of the LLC’s existing loan and that the defendant’s actions were authorized by a “written consent,” which allowed the defendant “to do any acts, including but not limited to the assignment, delivery, pledge, or hypothecation . . . of any or all assets of this LLC to secure such Loan, renewals and extensions.” Thus, the court concluded that the defendant did not breach the operating agreement. And because the parties had a valid and enforceable contract, the court determined that the plaintiff had no claim for unjust enrichment. But the court denied the defendant’s request for an award of attorney’s fees under the operating agreement’s fee-shifting provision. The court reasoned that the action was not “to secure enforcement” of the operating agreement, as required by the operating agreement. We affirm the court’s judgment on the plaintiff’s claims, albeit for different reasons with respect to the unjust enrichment claim but reverse the trial court’s denial of the defendant’s request for attorney’s fees.

Tenn. R. App. P. 3 Appeal as of Right; Judgment of the Chancery Court Affirmed in Part, Reversed in Part.

FRANK G. CLEMENT JR., P.J., M.S., delivered the opinion of the Court, in which ANDY D. BENNETT and THOMAS R. FRIERSON II, JJ., joined.

J. Ross Pepper, George M. Johnson, and Daniel P. Whitaker, III, Nashville, Tennessee, for the appellant, Mack McClung. Todd E. Panther, Mark Alexander Carver, and Hunter Coleman Branstetter, Nashville, Tennessee, for the appellee, Jim Spangler, individually and on behalf of Flintlock Investors, LLC.

OPINION

FACTS AND PROCEDURAL HISTORY

In 2011, Jim Spangler (“Plaintiff”) and Mack McClung (“Defendant”) formed Flintlock Investors, LLC, to develop real estate in the Nashville, Tennessee area.

Flintlock’s operating agreement (“the Operating Agreement”) stated that Plaintiff and Defendant were equal partners with shared authority to act on the company’s behalf in the normal course of business. But neither party could incur “any indebtedness secured by assets of the Company” without approval by the other.

Flintlock owned two parcels of land, both conveyed by Defendant. As his initial contribution to the LLC, Defendant conveyed an unencumbered parcel in the Nashboro Village subdivision in Nashville, Tennessee (“the Nashboro Realty”). A few months later, in September 2011, Defendant conveyed a second parcel in Sumner County, Tennessee (“the Sumner Realty”). In consideration, Flintlock agreed to assume a $1 million loan (“the Loan”) from InSouth Bank,1 which was secured by a deed of trust on the Sumner Realty and personally guaranteed by Defendant. Plaintiff consented to the transaction and executed the Assumption Agreement on Flintlock’s behalf.

Plaintiff and Defendant contemporaneously executed a document entitled Written Consent to Action of the Members of Flintlock Investors, LLC (“the Written Consent”). The Written Consent authorized Defendant to, inter alia, execute “documents to amend, modify, extend and renew the Loan” and to “do any acts, including but not limited to the assignment, delivery, pledge, or hypothecation from time to time with Lender of any or all assets of [Flintlock] to secure such Loan, renewals and extensions.”

When Flintlock assumed the Loan, it had a maturity date of September 15, 2012. Flintlock, however, was unable to satisfy the Loan by that date. Thus, in December 2012, Defendant—acting pursuant to his authority under the Written Consent—executed a modification and extension agreement with a new maturity date of January 15, 2023.

Still, Flintlock was unable to make payment. Thus, in April 2023, InSouth sold the Sumner Realty to satisfy the Loan’s unpaid principal, interest, and fees. The foreclosure

1 The Sumner Realty was held and conveyed by another of Defendant’s companies, Gallardia Properties, LLC.

-2- proceeds, however, were considerably less than the remaining balance and left a deficiency of $468,786.62.

After the foreclosure sale, Defendant—who was personally liable for the Loan under his guaranty—began negotiations to avoid a deficiency judgment. Plaintiff took part in the initial conversations but ultimately left the matter in Defendant’s hands. By that time, Plaintiff and Defendant were no longer on good terms, and Plaintiff believed that the deficiency was Defendant’s responsibility under his personal guaranty.

Two years and three months later, in July 2015, Defendant executed an Amended and Restated Promissory Note (“the Amended Note”) that extended the Loan’s maturity date to July 1, 2018. But because the Sumner Realty had been sold, InSouth required Flintlock to provide new collateral to secure the Loan. Thus, Defendant also executed a deed of trust on the LLC’s sole remaining asset—the Nashboro Realty.

As part of the same transaction, InSouth sold its right to payment under the Amended Note to the Nashboro Village 14 Living Trust (“the Trust”)—which Defendant established through another company he owned, Vastland Development Partnership of Davidson County, Tennessee. Defendant was Vastland’s sole owner, and the Trust held the Amended Note for Vastland’s benefit. Although the Loan had a remaining balance of nearly $500,000, Defendant was able to purchase it from InSouth for only $250,000.

In short, the July 2015 transaction re-collateralized the Loan, extended its maturity date, rescinded Defendant’s personal liability, and gave Defendant a legally enforceable right to payment against Flintlock. Defendant later extended the Loan’s maturity date to July 2021.

Plaintiff, however, was unaware of the Amended Note, deed of trust, and allonge until 2019.

In March 2021, Plaintiff, individually and on behalf of Flintlock, commenced this action by filing a complaint against Defendant for breach of contract, unjust enrichment, and breach of fiduciary duty.2 Plaintiff alleged, inter alia, that Defendant exceeded his authority under the Operating Agreement when he executed the Amended Note and encumbered the Nashboro Realty. Moreover, Plaintiff asserted that the foreclosure deficiency was no longer collectable from Flintlock when Defendant executed the Amended Note because the two-year statute of limitations for deficiency judgments had expired. See Tenn. Code Ann. § 35-5-118(d). Thus, Plaintiff asserted that Defendant breached his fiduciary duty and was unjustly enriched because he “shift[ed] his personal

2 Plaintiff also asserted a claim for breach of fiduciary duty, but the trial court dismissed that claim as untimely under the applicable statute of limitations. That decision is not at issue on appeal.

-3- liability in the form of a personal guaranty to InSouth Bank for a deficiency note onto Flintlock” and then bought the Amended Note at a discount “for his own benefit.”

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Cite This Page — Counsel Stack

Bluebook (online)
Jim Spangler v. Mack McClung, Counsel Stack Legal Research, https://law.counselstack.com/opinion/jim-spangler-v-mack-mcclung-tennctapp-2025.