Smith v. Cunningham

2 Tenn. Ch. R. 565
CourtCourt of Appeals of Tennessee
DecidedOctober 15, 1875
StatusPublished

This text of 2 Tenn. Ch. R. 565 (Smith v. Cunningham) 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
Smith v. Cunningham, 2 Tenn. Ch. R. 565 (Tenn. Ct. App. 1875).

Opinion

The Chancellor:

— On the 23d of March, 1867, Clay Roberts and John L. Lonas sold to R. F. Bell the furniture [566]*566and fixtures in the City Hotel, at Nashville, for $21,250, paid and to be paid as agreed upon. In part of this consideration Bell executed four notes of that date, payable to Roberts & Lonas, one for $1,000 at thirty days, one for $1,500 at sixty days, one for $1,500 at ninety days, and one for $1,250 at four months. On the 30th of March, 1867, Bell conveyed, by deed of that date, a small tract of land in this county to W. S. Whiteman in trust to secure these notes, with power of sale if they, or any part of them, were not paid at maturity. The furniture and fixtures sold were the joint property of Roberts, Lonas, and John Carland, the latter being a silent partner, and the firm name being Roberts & Lonas, and the notes were made payable to the firm in that style. Shortly after the trade, and about the 6th of April, 1869, these three parties agreed upon a division of the notes. The first and fourth were delivered to Lonas, and assigned to him, by special endorsement without recourse, by Clay Roberts. The first of the $1,500 notes was delivered to Roberts, and by him sold, before maturity, to Enoch Cunningham, and endorsed in the firm name. The other $1,500 note was delivered by Lonas to Carland, endorsed in the firm name. The settlement was, it seems, a complete and final settlement, each party taking his share without recourse.

On the 18th of May, 1867, Bell filed his bill in this court against Roberts, Lonas, and one Young, stating the purchase of the furniture and fixtures, and the terms of the trade, and what he had done in compliance with those terms, and, among other things, that he had paid in cash $3,250, had assumed a debt of Roberts & Lonas to one Hare for $8,750, and to one Chadwell for $4,000 ; charging that Roberts, Lonas, and Young had combined and confederated together to induce him to purchase the property at much more than it was worth; that he had been badly cheated, and asking that he be only held liable for the real value of the property; that the amount he agreed to give be abated; that a decree be rendered against the defendants [567]*567for whatever it might be found that he had paid for said property over its true value, and for general relief. He also prayed and obtained an injunction against the transfer or disposition by Roberts & Lonas, or Lonas, of the notes above described, except the one sold to Cunningham, and further prayed that, on final hearing, the notes be delivered up to him and cancelled. On the 4th of June, 1867, Bell filed an amended bill to bring Garland before the court, charging that he was a silent partner of Roberts & Lonas, had combined with the other defendants to cheat and defraud him, and held one of the notes as aforesaid.

Such proceedings were had in this cause that, on the 19th of February, 1870, a decree was rendered to the effect that the defendants had perpetrated a fraud upon the said Bell in selling him said property at a price far above its real value, and that, as part of the consideration agreed to be paid by Bell had passed into the hands of third persons, relief could only be afforded by compensation; that the injunction granted be made perpetual; that the defendants deliver up the notes held by them as aforesaid, and that they be cancelled; that the complainant have a deduction in the amount agreed to be paid for said furniture and fixtures of the difference between the amount so agreed to be paid and the actual value, and it was referred to the master to ascertain and report such value. The master took the account ordered, and found the amount due to Bell as of the 19th of October, 1871, to be 112.048.42. On the 3d of November, 1871, this report was in all things confirmed, and it was decreed that “ complainant (Bell) recover of the defendants, Clay Roberts, John L. Lonas, John Car-land, and Acton Young, the sum of $12.048.42, with interest from the 19th of October, 1871, and the costs of the cause.” Frorfi this decree, although Roberts, Lonas, and Carland prayed an appeal, only Lonas in fact appealed by taking the oath prescribed for poor persons. Upon this appeal, on the 24th of March, 1875, the supreme court reversed the decree of the Chancellor, and gave a decree [568]*568against Bell and bis surety in tbe prosecution for tbe costs of tbe court below and of tbe supreme court.

After this decree of the supreme court, Lonas transferred the two notes for $1,000 and $1,250 to the complainant, Baxter Smith.

In the meantime, on the 14th of August, 1867, Enoch Cunningham filed his bill in this court against Bell and Whiteman, to have the trust deed executed for his benefit, as the holder of the first of the $1,500 notes. Bell answered, admitting the facts, but stating the pendency of his bill, and submitting that Cunningham was not entitled to any priority of satisfaction over the holders of the other notes secured by the trust, and that the foreclosure must await the decision of his suit. Cunningham died, and the suit was l’evived in the name of the defendants Cunningham and Cartwright, as his administrators. On the 22d of July, 1874, a decree was rendered in said cause declaring that the complainants had a lien on the land for the amount of the note sued on, with interest, and ordering a sale in satisfaction thereof. The land was accordingly, on the 24th of October, 1874, sold to the defendant Harrison, for $2,000, and on the 2d of December, 1874, the sale was confirmed.

The present bill was filed on the 17th of July, 1875, by Baxter Smith, as assignee of Lonas, against Cunningham’s administrators, Bell, Harrison, and the administrator of John Carland, setting out the foregoing facts, and insisting that Cunningham’s administrators were not entitled to the whole of the proceeds of the sale of the land, but that the complainant, by virtue of the notes held by him, should share pro rata therein.

It is too clear for argument that — the deed of trust from Bell to Whiteman being intended to secure all of the four notes executed by Bell to Roberts & Lonas, and giving no preference to any one of these notes over the others — the proceeds of sale, if insufficient to pay the whole debt embraced, should be applied pro rata to the satisfaction of each of the notes. Equality is equity in such cases, and so it has been [569]*569-expressly decided. Ewing v. Arthur, 537. And see Pennebaker v. Tomlinson, 1 Tenn. Ch. 111, 119, and cases there -cited. The delay, moreover, in asserting the lien in favor of the other notes is sufficiently accounted for by the pendency of the Bell litigation. If there were nothing else in the case, the complainant’s claim to relief would be irresistible.

Nor is there anything in the objection that the complainant does not show a legal title to the notes sued on, the objection being rested on the fact that the notes were only assigned to Lonas by Roberts, whereas the assignment should have been made by Carland also. But the legal title, however important at law, is a matter of no consequence in -equity. It is enough for this court that the parties beneficially interested are before it. The evidence of Roberts, which has been taken, shows that he disclaims any interest in "these notes, and the evidence of Lonas is that he has assigned and delivered the notes held by him to the complainant, Smith. Carland’s administrator, the only other person in interest, is before the court, and sets up no claim to the notes sued on.

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Cite This Page — Counsel Stack

Bluebook (online)
2 Tenn. Ch. R. 565, Counsel Stack Legal Research, https://law.counselstack.com/opinion/smith-v-cunningham-tennctapp-1875.