Michael Todd Wray v. Richard Picard

CourtCourt of Appeals of Texas
DecidedAugust 6, 2020
Docket01-19-00188-CV
StatusPublished

This text of Michael Todd Wray v. Richard Picard (Michael Todd Wray v. Richard Picard) 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
Michael Todd Wray v. Richard Picard, (Tex. Ct. App. 2020).

Opinion

Opinion issued August 6, 2020

In The

Court of Appeals For The

First District of Texas ———————————— NO. 01-19-00188-CV ——————————— MICHAEL TODD WRAY, Appellant V. RICHARD PICARD, Appellee

On Appeal from the 10th District Court Galveston County, Texas Trial Court Case No. 18-CV-0640

MEMORANDUM OPINION

In this contract dispute, appellee, Richard Picard, sued his former business

partner, appellant, Michael Todd Wray, for breach of an oral agreement. After a

bench trial, the court ruled that Wray promised to be insured by a life insurance policy for Picard’s benefit and to comply with the provisions of that policy in

exchange for Picard’s investment in Wray’s business. The trial court also ruled that,

since 2017, Wray had been in breach of his promise to comply with the policy

provisions by refusing to certify his total disability, which would waive the $10,530

annual premium that Picard was otherwise required to pay. The trial court awarded

Picard damages in the amount of $52,650 plus attorney’s fees, prejudgment interest,

and contingent attorney’s fees for appeal. In three issues, Wray challenges the trial

court’s personal and subject-matter jurisdiction, the legal sufficiency of the evidence

supporting the trial court’s finding that an agreement existed and that he breached

the agreement, and the award of damages.

We affirm.

Background

In 2008, Wray owned a digital media company, Foto Plaques, in which Picard

was interested in investing. Picard offered to invest $50,000 in Foto Plaques on the

condition that Wray, who was Foto Plaques’ sole and “key” employee, be insured

under a “keyman” life insurance policy which, according to trial testimony, would

“guarantee[] that, if anything should happen to the keyman in the business, which at

that particular time was just one person[,Wray], the investment would be covered by

an insurance policy, things like permanent disability, things like death.” As Wray

conceded at trial, he was in “excellent” health at the time and he agreed to be insured

2 by the keyman policy owned by and for the benefit of Picard, who paid the policy

premiums. This oral agreement between Wray and Picard for Wray to be insured for

Picard’s benefit and to comply with the policy requirements as conditions of Picard’s

investment in Wray’s company is the subject of this appeal.

Wray completed and signed an application for the policy, in which he

represented that Picard and Picard’s wife would own the policy for their benefit, and

Wray listed Picard and his wife as “[i]nvestors in [b]usiness[.]”The application

stated in handwriting that it was for “Term 10+” in the amount of “$500,000.” Wray

authorized the insurance company to obtain “all information, records or knowledge”

about his physical or mental condition, and Wray’s signature acknowledged that the

insurance company might release information to other companies “related to [his]

application or the policy or claim thereunder.”

Pursuant to Wray’s application, a life insurance policy was issued effective in

March 2008, and it showed a “Final Term Date” of March 18, 2063. The policy

reflected an annual premium of $535 guaranteed for the first ten years, which

included a $110 additional premium to waive the annual premium in the event Wray

became totally disabled. To waive the premium based on total disability, the policy

required annual notice of the disability claim by completing the insurance

company’s required forms. The policy stated that the annual premium remained

3 consistent at $535 for ten years, then increased significantly and consistently

beginning in the eleventh year.

The policy also contained a conversion provision authorizing either party to

convert the life insurance policy to a new policy under certain circumstances. The

policy expressly stated that the insurance company could convert the policy to a

whole life plan of its choosing if, on the last day that conversion was allowed, the

annual premiums were being waived for total disability.

In 2013, Wray became totally disabled, causing him to cease operations of

Foto Plaques and dissolve the business in 2015. Picard lost his $50,000 investment.

Picard learned that Wray had become totally disabled in 2015, and he asked Wray

to certify his total disability to the life insurance company to waive the annual

premiums on the keyman life insurance policy. Wray complied by certifying his

disability in 2015, 2016, and 2017, and the insurance company waived the premiums

for those years.

In 2018, Wray continued to be totally disabled and, pursuant to the conversion

provision of the life insurance policy, the life insurance company converted the

policy to a whole life policy. The whole life policy also allowed for the waiver of

the annual premium based on total disability. The annual premium for this policy

was $10,530, a significant increase from the prior $535 annual premium. Also in

2018, Wray refused numerous requests from Picard to certify his disability

4 information to the insurance company, and the premium for that year was not

waived.

On May 17, 2018, Picard filed an original petition alleging that he had an

implied and oral contract with Wray for Wray to be insured under a keyman life

insurance policy and to comply with the terms of the policy, including certifying any

total disability, but that Wray breached the agreement by failing to complete the

necessary forms to certify his total disability. Picard also requested a declaration that

Wray was required to complete the necessary forms to certify his disability and

waive the annual premiums.

Wray filed a pro se motion to dismiss, generally disputing Picard’s allegations

and challenging venue in Galveston County. Wray also filed an answer generally

denying Picard’s allegations. In October 2018, Wray, who had since retained

counsel, supplemented his answer and filed a motion to dismiss for lack of

jurisdiction, generally alleging that Picard failed to state a claim, that Picard’s claims

arose from actions performed in Ohio that lacked any connection with Texas, and

that his claims were preempted by federal law. Wray also specially excepted to the

lack of jurisdictional facts in Picard’s petition and denied that Picard’s petition gave

fair notice of his claims. The record on appeal does not include a ruling on either of

Wray’s two motions to dismiss or on his special exceptions.

5 The court held a bench trial on December 17, 2018. Picard testified that he

invested in Foto Plaques because it had projected multi-million-dollar returns. Picard

testified that he asked Wray to be insured by a keyman life insurance policy as a

condition of his investment, and that Wray, who was “a triathlete” and in very good

health, readily agreed. Picard also testified that Wray promised to comply with the

provisions of the policy. Picard testified that the policy was intended to last “all of

[Wray’s] life.” Picard acknowledged that his agreement with Wray was oral, not

written, and he testified that he had paid the annual premiums because he owned the

policy.

Picard testified that, because Wray agreed to the conditions, he invested

$50,000 in Foto Plaques. Picard introduced the application for the keyman life

insurance policy, which was signed by Wray, and the original life insurance policy

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