Pirate's Lake, Ltd. v. Vestin Realty Mortgage I, Inc., Vestin Realty Martgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc.

CourtCourt of Appeals of Texas
DecidedAugust 12, 2008
Docket14-08-00085-CV
StatusPublished

This text of Pirate's Lake, Ltd. v. Vestin Realty Mortgage I, Inc., Vestin Realty Martgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc. (Pirate's Lake, Ltd. v. Vestin Realty Mortgage I, Inc., Vestin Realty Martgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc.) 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
Pirate's Lake, Ltd. v. Vestin Realty Mortgage I, Inc., Vestin Realty Martgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc., (Tex. Ct. App. 2008).

Opinion

Dismissed as Moot and Memorandum Opinion filed August 12, 2008

Dismissed as Moot and Memorandum Opinion filed August 12, 2008.

In The

Fourteenth Court of Appeals

____________

NO. 14-08-00085-CV

PIRATE=S LAKE, LTD., Appellant

V.

VESTIN REALTY MORTGAGE I, INC., VESTIN REALTY MORTGAGE II, INC., VESTIN FUND III, L.L.C., AND VESTIN MORTGAGE, INC., Appellees

On Appeal from the 56th District Court

Galveston County, Texas

Trial Court Cause No. 08-CV-0006

M E M O R A N D U M   O P I N I O N


Appellant Pirate=s Lake, Ltd., appeals from the trial court=s order granting the application of appellees Vestin Realty Mortgage I, Inc., Vestin Realty Mortgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc. (collectively AVestin@) to appoint a receiver.  Pirate=s Lake contends that the trial court erred in appointing a receiver because (1) the receiver was appointed ex parte and without sufficient notice; and (2) there were no contractual, statutory, or equitable bases for the appointment of a receiver.  Because the real property that was the sole subject of the receivership was sold by foreclosure sale after Pirate=s Lake perfected its appeal, we dismiss this appeal as moot.

Factual and Procedural Background

On June 23, 2006, Pirate=s Lake executed a $10,000,000 promissory note payable to Vestin (Athe Note@).  The Note was secured by a deed of trust (Athe Deed@) covering a parcel of real property located in Galveston County, Texas (Athe Property@).

The Note required Pirate=s Lake to make monthly payments of interest and stated that if interest payments were not timely made, Vestin could accelerate the Note, collect the unpaid principal with all accrued interest, and charge default interest until the default is cured.  The Note and the Deed further specified that placing a second lien on the Property without Vestin=s consent constituted an event of default, for which Vestin could accelerate the Note and Apursue any rights or remedies it may have hereunder or at law, or in equity . . . .@  The Deed further granted Vestin a power of sale over the Property in the event of default.

The Deed also empowered Vestin to seek the appointment of a receiver:

22.     Other Available Remedies.  If any of the indebtedness hereby secured shall become due and payable, [Vestin] shall have the right and power, in addition to and without limiting any other rights or remedies contained herein, to proceed by a suit or suits in equity or at law, whether for the specific performance or any covenant or agreement herein contained, in aid of the execution of any power herein granted, for any foreclosure hereunder or for the sale of [the Property] under the order of a court or courts of competent jurisdiction, under executory or other legal process, or for the enforcement of any other appropriate legal or equitable remedy.


According to Vestin, Pirate=s Lake never made a payment on the loan, and never made any attempt to satisfy the Note.  In addition, Vestin alleged that Pirate=s Lake placed a second lien on the Property.  Consequently, Vestin accelerated the Note and sought appointment of a receiver to take possession of and sell the Property.

On January 4, 2008, the trial court granted Vestin=s AEx Parte Application For Appointment of a Receiver.@  In its order, the trial court empowered the receiver to (1) take possession of the Property; (2) market the Property for sale, and retain a real estate broker for such purpose; (3) retain surveyors and title companies, and conduct environmental assessments and/or other engineering and studies, in connection with the marketing and sale of the Property; (4) employ and pay property managers, accountants, and other professionals as the receiver deems appropriate; (5) pay the operating expenses of the Property; and (6) make an accounting of all rents and revenues collected and all expenses paid, and pay to Vestin all remaining receipts.

Pirate=s Lake then filed its notice of accelerated appeal.  On February 5, 2008, the Property was sold by foreclosure sale at the Galveston County Courthouse.  Vestin then filed a motion to terminate the receivership and discharge the receiver.  The trial court never acted on Vestin=s motion.

Issues on Appeal

In two issues, Pirate=s Lake contends that the trial court erred in appointing a receiver to take possession of and sell the Property.  In its first issue, Pirate=s Lake argues that it was not given the minimum three-day notice of the hearing on Vestin=s application for appointment of a receiver, as required by Rule 695 of the Texas Rules of Civil Procedure.  In its second issue, Pirate=s Lake asserts that there were no contractual, statutory, or equitable bases for the appointment of a receiver.

We conclude that, because the Property was sold at a foreclosure sale after Pirate=s Lake perfected its appeal, Pirate=s Lake=s appeal is moot.


Analysis

I.        The Mootness Doctrine

Neither the Texas Constitution nor the Texas Legislature has vested this Court with the authority to render advisory opinions. See Tex. Const. art. II, _ I; see also Camarena v. Tex. Employment Comm=n, 754 S.W.2d 149, 151 (Tex.

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Pirate's Lake, Ltd. v. Vestin Realty Mortgage I, Inc., Vestin Realty Martgage II, Inc., Vestin Fund III, L.L.C., and Vestin Mortgage, Inc., Counsel Stack Legal Research, https://law.counselstack.com/opinion/pirates-lake-ltd-v-vestin-realty-mortgage-i-inc-ve-texapp-2008.