Meredith L. Lawrence, P.S.C., Creditor v. The Estate of Robert R. Wallace

CourtCourt of Appeals of Kentucky
DecidedMay 19, 2022
Docket2021 CA 000927
StatusUnknown

This text of Meredith L. Lawrence, P.S.C., Creditor v. The Estate of Robert R. Wallace (Meredith L. Lawrence, P.S.C., Creditor v. The Estate of Robert R. Wallace) 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
Meredith L. Lawrence, P.S.C., Creditor v. The Estate of Robert R. Wallace, (Ky. Ct. App. 2022).

Opinion

RENDERED: MAY 20, 2022; 10:00 A.M. NOT TO BE PUBLISHED

Commonwealth of Kentucky Court of Appeals

NO. 2021-CA-0927-MR

MEREDITH L. LAWRENCE, P.S.C., CREDITOR; LAW WAL, LLC; MEREDITH L. LAWRENCE, CREDITOR; MEREDITH L. LAWRENCE, INDIVIDUALLY, LLC MEMBER; AND RACERS PITSTOP GRILLE, LLC APPELLANTS

APPEAL FROM GRANT CIRCUIT COURT v. HONORABLE R. LESLIE KNIGHT, JUDGE ACTION NO. 20-CI-00130

THE ESTATE OF ROBERT R. WALLACE; AMBER WALLACE HOWELL, CO-EXECUTOR; AND ROBERT JASON WALLACE, CO- EXECUTOR APPELLEES

OPINION AFFIRMING

** ** ** ** **

BEFORE: GOODWINE, MAZE, AND MCNEILL, JUDGES. GOODWINE, JUDGE: LAW WAL, LLC; Racers Pitstop Grille, LLC; and

Meredith L. Lawrence (collectively “Lawrence”) appeal from the summary

judgment entered by the Grant Circuit Court dismissing his claims against the

Estate of Robert R. Wallace and its executors (collectively “Wallace”). After

careful review, we affirm.

BACKGROUND

Facts relevant to this matter were set forth as follows in a prior appeal:

In September of 1998, Meredith L. Lawrence and Robert R. Wallace formed a limited liability company (“LLC”) together. They named the company LAW/WAL LLC. In February of 2000, they formed a second LLC, Racers Pitstop Grill, LLC (“Racers”). Pursuant to the operating agreements, Lawrence and Wallace were the only members of the LLCs with each owning a fifty percent interest in each LLC.

Racers operated a gentlemen’s club and a restaurant out of a building it leased from LAW/WAL. LAW/WAL operated a hotel in an adjacent building. LAW/WAL leased both buildings from Lawrence. In the early 2000s, the LLCs secured two loans from First Farmers Bank of Owenton (“Bank”). The first loan was in the amount of $1.2 million. Wallace and Lawrence provided personal guarantees on this loan. The second loan was in the amount of $100,000.

In 2004, Lawrence and Wallace decided to cease doing business together because they could not agree on what type of businesses would be successful at their locations moving forward. Ultimately, Lawrence agreed to buy out Wallace’s interests in both LLCs. On November 1, 2004, Wallace and Lawrence executed a written agreement titled “Contract for Sale and Purchase

-2- of All Interests of Robert R. Wallace in LAW/WAL, LLC and Racers Pit Stop, LLC” (“Sales Agreement”). Under the terms of the Sales Agreement, Lawrence agreed to pay Wallace $400,000 for his interests in the businesses. Payment was to be made as follows: 1) $40,000 upon execution of the Sales Agreement; and 2) the remaining $360,000 payable in nine equal installments of $40,000 plus interest at the then-current prime interest rate. The first installment for principal and interest was to be paid on November 1, 2005, with additional payments to be made each succeeding year until paid in full. Section 3 of the Sales Agreement contained a contingency provision. Under this provision, the agreement would become “null and void” if the Bank would not release Wallace’s personal guarantees.

Lawrence made the initial $40,000 payment on November 1, 2004, the same day the parties executed the Sales Agreement. At the same time, he executed a promissory note in favor of Wallace for the balance of the purchase price. After receiving the initial payment and promissory note, Wallace relinquished all his ownership interests in the businesses to Lawrence.

Thereafter, Lawrence approached the Bank about releasing Wallace’s personal guarantee; it refused to do so. Lawrence told Wallace about the Bank’s decision approximately a week after they had signed the Sales Agreement. Wallace allegedly told Lawrence that he trusted Lawrence to make the payments to the Bank and would go through with the sales even without a release from the Bank.

Pursuant to the terms of the Sales Agreement, Lawrence was supposed to make the first of the nine $40,000 installment payments to Wallace on November 1, 2005. He failed to do so. As a result, in February of 2006, Wallace filed a civil lawsuit for breach of contract against Lawrence in Gallatin Circuit Court (“2006 Civil Action”). Lawrence filed an answer and counterclaim.

-3- In his counterclaim, Lawrence alleged that Wallace committed fraud in connection with the Sales Agreement by concealing business debts and fabricating assets. He also alleged that Wallace was aware that the manager of the two businesses was going to quit after the businesses were sold to Lawrence, but hid this fact from Lawrence. Lawrence further alleged that Wallace breached the contract by engaging in activities that harmed the two businesses contrary to a specific agreement and understanding between the parties at the time the businesses were organized. Several years of litigation ensued.

In 2007, while the 2006 Civil Action was still ongoing, the larger of the two notes to the Bank came due. Lawrence requested Wallace to assist in refinancing or otherwise renewing the note. Wallace refused on the basis that he no longer had an interest in the LLCs. Lawrence ultimately purchased both notes from the Bank. However, the Bank would not assign Wallace’s personal guaranty to Lawrence. This had the practical effect of extinguishing Wallace’s personal guarantee.

In March of 2009, as part of the 2006 Civil Action, Lawrence filed an amended counterclaim against Wallace. The amended counterclaim alleged tortious and intentional violation of Wallace’s duty of good faith and fair dealing and intentional breach of fiduciary duty, related to Wallace’s refusal to remain obligated on the LLCs’ loans. The next month, on April 27, 2009, the parties and their counsel conducted a settlement conference at the office of Lawrence’s then-attorney. Following day-long talks, the parties and their counsel ultimately executed a document styled “Memorandum of Full and Final Settlement” (“Settlement Agreement”). Therein, the parties agreed to resolve the 2006 Civil Action and modify their prior Sales Agreement. As part of the Settlement Agreement, Lawrence agreed to pay Wallace a total $175,000. The agreement set forth a payment schedule: 1) $100,000 was due by May 7,

-4- 2009; and (2) the remaining $75,000 by May 1, 2010. In return, Wallace again agreed to convey all of his interest in the two LLCs to Lawrence, effective November 1, 2004, and Lawrence again agreed to hold Wallace harmless and blameless for any of the businesses’ debts. The Settlement Agreement further provided that the parties would file an agreed judgment and agreed order of dismissal in the 2006 Civil Action within sixty days. This clause specified that the agreed judgment “shall contain a full release by Wallace and Lawrence to the other for all claims related to these LLCs, which have been asserted or that could have been asserted by either party against each other.”

Lawrence made the first payment of $100,000 as agreed. However, the parties did not file the agreed order of judgment and dismissal in a timely manner. Instead, according to Wallace, the parties agreed to leave the 2006 Civil Action open so that Lawrence’s counsel could move to compel a fact witness, Donna Bond, Lawrence’s former employee and bookkeeper, to provide additional deposition testimony. While Ms. Bond had previously been deposed, she had refused to answer some questions. Allegedly, Lawrence wanted the deposition completed with answers to these discreet questions because Ms. Bond had previously testified before a federal grand jury in connection with a criminal investigation of Lawrence’s federal income taxes.

Even though the 2006 Civil Action had not been formally dismissed as specified by the Settlement Agreement, on May 1, 2010, Lawrence sent Wallace and his attorney a check for $75,000.

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Bluebook (online)
Meredith L. Lawrence, P.S.C., Creditor v. The Estate of Robert R. Wallace, Counsel Stack Legal Research, https://law.counselstack.com/opinion/meredith-l-lawrence-psc-creditor-v-the-estate-of-robert-r-wallace-kyctapp-2022.