Prudential Ins. v. CC & F BATON ROUGE

647 So. 2d 1131, 1994 WL 545888
CourtLouisiana Court of Appeal
DecidedDecember 27, 1994
Docket93 CA 2074
StatusPublished
Cited by6 cases

This text of 647 So. 2d 1131 (Prudential Ins. v. CC & F BATON ROUGE) is published on Counsel Stack Legal Research, covering Louisiana Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Prudential Ins. v. CC & F BATON ROUGE, 647 So. 2d 1131, 1994 WL 545888 (La. Ct. App. 1994).

Opinion

647 So.2d 1131 (1994)

The PRUDENTIAL INSURANCE COMPANY OF AMERICA
v.
CC & F BATON ROUGE DEVELOPMENT COMPANY, New CC & F Baton Rouge Partnership, Howard Francis Murphy, Kathleen McCartney Huettner and Carl E. Kloos, as Testamentary Executor of the Succession of Magda Altheim.

No. 93 CA 2074.

Court of Appeal of Louisiana, First Circuit.

October 7, 1994.
Opinion Denying Rehearing December 27, 1994.

*1133 Patrick E. Henry, Patricia McMurray, New Orleans, for plaintiff-appellant The Prudential Ins. Co. of America.

Charles Stern, Jr., New Orleans, for defendants-appellees CC & F Baton Rouge Development Co., New CC & F Baton Rouge Partnership.

William Steffes, Baton Rouge, for defendant-appellee Howard Francis Murphy.

Michael Perry, Baton Rouge, for defendants-appellees Carl E. Kloos, Executor of Succession of Magda Altheim, Kathleen M. Huettner.

Carl Kloos, in pro. per.

Before LOTTINGER, C.J., and SHORTESS and CARTER, JJ.

CARTER, Judge.

This is an appeal from a trial court judgment sustaining an exception pleading the objection of no cause of action and dismissing an action against two defendants.

BACKGROUND

On May 19, 1972, American Holding Corporation, a Louisiana corporation, as lessor, entered into a lease with CC & F Baton Rouge Development Co., Inc. (CC & F, Inc.), a Delaware corporation, as lessee, for the lease of a portion of certain immovable property known as One American Place located in Baton Rouge, Louisiana.[1] The lease was recorded on May 19, 1972, in the Conveyance Records in the Parish of East Baton Rouge as Original 26, Bundle 7957. On that same day, American Holding Corporation entered into a second lease with CC & F, Inc. for another portion of the immovable property known as One American Place.[2] The lease was recorded on May 19, 1972, in the Conveyance Records in the Parish of East Baton Rouge as Original 27, Bundle 7957.

On October 1, 1973, the two leases were assigned by CC & F, Inc. to CC & F Baton Rouge Development Company (CC & F), a Massachusetts limited partnership. The assignment of lease was recorded in the Conveyance records in the Parish of East Baton Rouge as Original 25, Bundle 8605.

On November 20, 1974, CC & F executed a fixed monthly payment note payable to the order of The Prudential Insurance Company of America (Prudential) for a principal sum of $12,850,000.00. The note was secured by and paraphed "Ne Varietur" for identification with an act of mortgage on the leasehold interest in the One American Place property.[3]

*1134 On November 20, 1974, CC & F, as the owner of the leasehold interest in the One American Place property, executed an assignment and pledge of lease, thereby assigning, pledging, and transferring to Prudential the leases on One American Place between American Holding Corporation and CC & F.[4] On that same day, CC & F executed a conditional assignment of rentals, thereby assigning, transferring, and conveying to Prudential all of the rents, issues, and profits of the mortgaged property.[5] The assignment of rentals became operative upon any default by CC & F under the terms of the note and mortgage.

Thereafter, on March 10, 1977, CC & F assigned 76% of its undivided leasehold interest in the One American Place property to CC & F, Inc.,[6] and numerous individuals.[7] The assignment was recorded in the Mortgage and Conveyance records in the Parish of East Baton Rouge as Original 42, Bundle 9205. On that same date, CC & F also transferred 24% of its undivided leasehold interest in the One American Place property to Baton Rouge Development Company, a Massachusetts limited partnership. The assignment was recorded in the Mortgage and Conveyance records in the Parish of East Baton Rouge as Original 43, Bundle 9205.

On March 11, 1977, Baton Rouge Development Company assigned its 24% undivided leasehold interest in the One American Place property to Cabot, Cabot & Forbes Buffalo, Inc., a Delaware corporation. The assignment was recorded in the Mortgage and Conveyance records in the Parish of East Baton Rouge as Original 44, Bundle 9205. Three days later, on March 14, 1977, Cabot, Cabot & Forbes Buffalo, Inc. and certain individuals assigned their leasehold interest in the One American Place property to New CC & F Baton Rouge Partnership, a Massachusetts limited partnership, (New CC & F).[8]*1135 The assignment was recorded in the Mortgage and Conveyance records in the Parish of East Baton Rouge as Original 45, Bundle 9205.

On July 19, 1978, New CC & F assigned to CC & F, Inc. and Cabot, Cabot & Forbes Buffalo, Inc. an undivided 59.1% leasehold interest in the One American Place property; CC & F, Inc. owning an undivided 36.1% leasehold interest and Cabot, Cabot & Forbes Buffalo, Inc. owning an undivided 23% leasehold interest.[9] On July 19, 1978, CC & F, Inc. assigned to Barbara McCartney Murphy an undivided 7.691% leasehold interest in the One American Place property. On that same day, CC & F, Inc. assigned to Kathleen McCartney Huettner an undivided 7.691% leasehold interest in the One American Place property.

On July 19, 1978, Cabot, Cabot & Forbes Buffalo, Inc. assigned to Barbara McCartney Murphy an undivided 11.5% leasehold interest in the One American Place property. On that same day, Cabot, Cabot & Forbes Buffalo, Inc. assigned to Kathleen McCartney Huettner an undivided 11.5% leasehold interest in the One American Place property.

On July 19, 1978, CC & F, Inc. assigned to Barbara McCartney Murphy an undivided 11.618% leasehold interest in the One American Place property. On that same day, CC & F, Inc. assigned to Magda Altheim an undivided 9.1% leasehold interest in the One American Place property.

Thereafter, the leasehold interest in the One American Place property was held as follows:

New CC & F                               40.9%
Barbara McCartney Murphy               30.809%
Kathleen McCartney Huettner            19.191%
Magda Altheim                             9.1%
CC & F, Inc.                             -0-
Cabot, Cabot & Forbes Buffalo,
 Inc.                                    -0-

On December 12, 1985, Prudential entered into an act of assignment of mortgage and endorsement of mortgage note and related security documents with Bankers Life Company (Bankers) wherein Prudential transferred to Bankers its interest in the note, act of mortgage, conditional assignments of rentals, and assignment and pledge of leases executed by CC & F on November 20, 1974.

On April 1, 1986, New CC & F, Murphy, Huettner, and Altheim executed an amendment of the act of mortgage, acknowledging that their successors in interest executed the fixed monthly mortgage note and mortgage, that Prudential had misplaced or lost the note, and that Prudential had requested the mortgagors to acknowledge their continued indebtedness and to execute a substitute note for the same terms and conditions, bearing the same date, so that Prudential could use such note as evidence of the debt in its favor and as a legal instrument for the enforcement of its legal remedies if necessary. Prudential and Bankers intervened in the amendment as accepted and agreed to the amendment. American Holding Corporation also intervened to acknowledge the amendment and ratify the intervention contained in the act of mortgage.

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Cite This Page — Counsel Stack

Bluebook (online)
647 So. 2d 1131, 1994 WL 545888, Counsel Stack Legal Research, https://law.counselstack.com/opinion/prudential-ins-v-cc-f-baton-rouge-lactapp-1994.