Tex Star Motors, Inc. v. Regal Finance Company, Ltd. and Regal Finance Company II, Ltd.

CourtCourt of Appeals of Texas
DecidedJanuary 10, 2008
Docket14-05-00215-CV
StatusPublished

This text of Tex Star Motors, Inc. v. Regal Finance Company, Ltd. and Regal Finance Company II, Ltd. (Tex Star Motors, Inc. v. Regal Finance Company, Ltd. and Regal Finance Company II, Ltd.) 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
Tex Star Motors, Inc. v. Regal Finance Company, Ltd. and Regal Finance Company II, Ltd., (Tex. Ct. App. 2008).

Opinion

Appellees= Motions for Rehearing and for En Banc are Overruled; Affirmed as Modified in part, Reversed and Remanded in Part, and Substitute Opinion filed January 10, 2008

Appellees= Motions for Rehearing and for En Banc are Overruled; Affirmed as Modified in part, Reversed and Remanded in Part, and Substitute Opinion filed January 10, 2008.

In The

Fourteenth Court of Appeals

_______________

NO. 14-05-00215-CV

TEX STAR MOTORS, INC., Appellant

V.

REGAL FINANCE COMPANY, LTD. and

REGAL FINANCE COMPANY II, LTD., Appellees

On Appeal from the 61st District Court

Harris County, Texas

Trial Court Cause No. 2002-41615

S U B S T I T U T E   O P I N I O N

Appellees= motions for rehearing and for en banc reconsideration are overruled, the opinion issued in this case on July 19, 2007 is withdrawn, and the following opinion is issued in its place.


In this breach of contract dispute, Tex Star Motors, Inc. (ATex Star@) appeals a judgment entered in favor of Regal Finance Company, Ltd. and Regal Finance Company II, Ltd. (collectively, ARegal@) on the grounds that: (1) the trial court erred in failing to award Tex Star recovery in accordance with the portions of the jury=s verdict decided in its favor; (2) the charge submitted to the jury was defective in numerous respects; (3) the evidence was legally and factually insufficient to support the jury=s findings in favor of Regal; (4) the trial court erred in making a joint award of attorney=s fees to Regal and in awarding attorney=s fees without evidence of segregation between claims, defenses, and parties; and (5) the trial court improperly awarded prejudgment interest for a period before Regal=s loss accrued.  We affirm as modified in part, and reverse and remand in part.

Background

Beginning in 1996, Tex Star, a used vehicle dealer, and Regal, an investment partnership, entered into two Retail Installment Contract Purchase and Sales Agreements (the APSAs@), under which Regal had the right to purchase all of the secured automobile installment loan notes (the Anotes@) that Tex Star received in sales transactions with its customers.  The PSAs provided for a Aholdback reserve@ fund in which Regal would retain $750 of the price of each note it purchased to reimburse it for: (1) deficiencies, collateral repossession expenses, and other debts owed to Regal by Tex Star; and (2) a specified amount (the Arepurchase reduction@) in the event Regal elected to have Tex Star repurchase a defaulted note pursuant to its full recourse guaranty of the notes under the PSAs.  The PSAs further provided that, in the event of such a repurchase, Tex Star=s repurchase price would be correspondingly reduced by the amount of the repurchase reduction Regal was entitled to withdraw from the holdback reserve fund.  In practice, however, Tex Star did not deduct this amount from its payments for repurchased notes, but instead periodically withdrew the aggregate amount of repurchase reductions from the holdback reserve.


In 1999, Regal secured a $25,000,000 line of credit from Bank One that it used to purchase the notes.  Among other things, the Bank One loan agreement required Regal to maintain a reserve fund (the ABank One reserve@) equal to five percent of the outstanding Bank One loan principal.  From 1999 to 2002, Tex Star deposited $975,000 into the Bank One reserve.

Regal stopped purchasing notes from Tex Star in July of 2002, shortly before the Bank One line of credit was to end.  Soon after that, Tex Star declined to deposit further funds into the Bank One reserve.  Although Tex Star continued repurchasing defaulted notes from Regal until November of that year, Regal ceased paying Tex Star the aggregate amounts of repurchase reductions from the holdback reserve; and, after the Bank One line of credit was repaid and discontinued, Regal did not return to Tex Star the funds it had deposited into the Bank One reserve while the line of credit had been in effect.  In November of 2002, Tex Star stopped repurchasing defaulted notes, as required by its full recourse guaranty under the PSAs, and Regal thereafter sold the vehicles that were repossessed on those notes.

Regal filed suit against Tex Star for recovery of over $8,000,000 in deficiencies it allegedly suffered on 906 such defaulted notes after it sold the repossessed vehicles.  Tex Star countersued for recovery of the $975,000 it had deposited into the Bank One reserve, $472,000 in unrefunded repurchase reductions, and statutory damages of $4,000,000 for Regal=s failure, in disposing of repossessed vehicles, to provide notice and to conduct the sales in good faith and in a commercially reasonable manner.  After a jury trial, the trial court entered judgment awarding Regal damages of $4,136,000, attorney=s fees, and  interest, and denying all relief sought by Tex Star.

Because the charge submitted to the jury at trial (the Acharge@) and the parties= arguments on appeal are lengthy and convoluted, we will attempt to address the issues that are dispositive of the appeal in the order of most logical progression.

                                                                Regal=s Claims

                                                                      Overview


It is undisputed in this case that Tex Star=s ceasing to repurchase defaulted notes from Regal was a breach of the PSAs and that Regal suffered a loss on the defaulted notes that Tex Star declined to repurchase.  However, under the charge, Tex Star=s breach could be excused if Regal=s refusal to pay the aggregate amounts of repurchase reductions was a prior material breach of the PSAs that discharged Tex Star=

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Tex Star Motors, Inc. v. Regal Finance Company, Ltd. and Regal Finance Company II, Ltd., Counsel Stack Legal Research, https://law.counselstack.com/opinion/tex-star-motors-inc-v-regal-finance-company-ltd-an-texapp-2008.