Tour Partners Ltd. v. Jay Cohen

Texas Court of Appeals, 1st District (Houston)·Decided June 2, 2026·No. 01-24-00067-CV·Published

Opinion

Opinion issued June 2, 2026

In The

Court of Appeals

For The

First District of Texas

Cohen previously owned stock. Cohen alleged that the sale was a fraudulent transfer under the TUFTA. As an affirmative defense, Tour Partners argued that res judicata barred the claims because a final judgment was rendered in a prior suit in which Cohen had asserted claims arising from the same transaction.

After a bench trial, the trial court rendered judgment in Cohen’s favor against Tour Partners on his TUFTA claims. In its findings of fact and conclusions of law, the trial court rejected Tour Partners’ affirmative defense of res judicata. Among its issues on appeal, Tour Partners asserts that the evidence conclusively established the res judicata defense. Because we agree, we reverse the trial court’s judgment and render judgment that Cohen take nothing on his claims against Tour Partners.

Background

A. The Transactions Cohen, Suzanne Levin, and the Feld Trust each owned one-third of Preston Realty’s stock. Preston Realty’s primary asset was a piece of real property—a Houston warehouse (the Warehouse). In December 2003, Commerce Equities, Inc. entered into an agreement with the shareholders to purchase all of Preston Realty’s stock for $1.2 million.

To finance the stock purchase, Preston Realty obtained a $822,250 loan from a bank. Preston Realty signed a deed of trust in the bank’s favor, creating a lien on the Warehouse. From the loan, Levin and the Feld Trust were paid cash for their

stock shares. But Cohen did not receive cash for his shares. Instead, he agreed to accept a $400,000 promissory note from Commerce Equities as payment.

The stock purchase closed in early November 2004. The closing statement referred to the $400,000 promissory note, but Commerce Equities never issued a promissory note to Cohen.

A few weeks later, Cohen filed a document entitled “Subordination of Lien”

in the real property records. The document, signed only by Cohen, stated that Cohen had a lien against the Warehouse subordinate to the bank’s lien. Although Commerce Equities had not issued a promissory note, and no lien was recorded in Cohen’s favor, the document described Cohen’s subordinate lien as securing a $400,000 promissory note.

Over the next several years, Preston Realty failed to make payments on the loan. In March 2009, the bank sued Preston Realty for non-payment. Preston Realty’s president, who had personally guaranteed the loan, paid part, but not all, of the loan’s balance.

In January 2010, the bank issued a foreclosure notice. The notice stated that a foreclosure sale for the Warehouse was scheduled for February 2, 2010. The bank informed Preston Realty that the loan’s pay-off amount was $340,514.67.

Tour Partners—a real estate investment company—agreed to pay off the loan in exchange for title to the Warehouse. On February 1, 2010, the day before the

foreclosure sale, Tour Partners paid off the loan. That same day, a document entitled “Special Warranty Deed” was filed in the real property records. It identified the Warehouse as the subject property, Preston Realty as the grantor, and Tour Partners as the grantee. In August 2013, Preston Realty executed a correction deed, which stated that it was “made in place of” the earlier 2010 “Special Warranty Deed.” The correction deed added language of conveyance.

Tour Partners contracted with Ellington F Holdings (Ellington) to sell the Warehouse to Ellington for $1.85 million. Ellington’s title insurer conducted a title search and found the Subordination of Lien filed by Cohen. The title insurer declined to issue a title policy and the sale fell through. B. The Lawsuits Related to the above events, Cohen has sued Tour Partners in two lawsuits.2 1. First Suit Cohen sued Tour Partners in July 2013. He alleged that, when he sold his shares in Preston Realty, he “was to be given a note dated November 2, 2004 in the original principal amount of $400,000 secured by a second lien deed of trust” on the Warehouse. Although he acknowledged that no lien was recorded in his favor,

2 Pre-dating the two suits, Cohen filed a suit against Preston Realty. Tour Partners was not a party to that suit. Cohen later nonsuited his claims against Preston Realty in that case. We do not discuss that suit because it is not relevant to the dispositive issue on appeal here.

Cohen asked the trial court to render judgment “establishing and enforcing his unrecorded deed of trust and lien claim against the [Warehouse].”

In December 2013, Cohen filed a second amended petition, adding Preston Realty to the suit. Cohen claimed that Preston Realty defrauded him by failing to give him a lien on the Warehouse to secure the $400,000 debt owed to him.

Cohen also claimed that Preston Realty, Tour Partners, and others conspired to defraud him by way of the 2010 sale of the Warehouse. Cohen alleged that, at the time of sale, Tour Partners had “actual knowledge” that Cohen was entitled to a lien against the Warehouse to secure the debt owed to him. He asserted that the sale of the Warehouse left Preston Realty without any assets to satisfy the debt.

Tour Partners later moved for summary judgment on Cohen’s claims.

On October 31, 2014—the pleadings deadline set by the scheduling order—

Cohen filed a supplemental petition to his second amended petition. In it, Cohen asserted that Tour Partners received the Warehouse as the result of a fraudulent conveyance. Tour Partners moved to strike the fraudulent conveyance claim, asserting that it was inadequately pleaded and could not be amended because the pleading deadline had passed.

On November 10, 2014, the trial court granted Tour Partners’ motion for summary judgment, “dismissing with prejudice all causes of action and claims for relief” against Tour Partners in Cohen’s second amended petition. Seven days

later—and before the trial court ruled on Tour Partners’ motion to strike—Cohen nonsuited his claim for fraudulent conveyance. In his nonsuit notice, Cohen stated that he would file the fraudulent conveyance claim in a suit pending between the parties in the 55th District Court of Harris County. That suit is the instant suit, which we refer to below as the Second Suit.

On January 28, 2015, the trial court signed a final judgment in the First Suit.

The final judgment incorporated (1) the summary judgment order dismissing Cohen’s claims asserted in his second amended petition against Tour Partners with prejudice and (2) an order granting Cohen a default judgment against Preston Realty. The final judgment also memorialized Cohen’s nonsuit of his fraudulent conveyance claim.

2. The Second Suit Ellington initiated the Second Suit by suing Tour Partners in November 2013 based on the failed contract to buy the Warehouse. In July 2014, Tour Partners added Cohen to the suit as a third-party defendant. It alleged that the sale of the Warehouse fell through because of the Subordination of Lien document filed by Cohen and its inability to remove the title exception for it.

On November 17, 2014—the same day that Cohen nonsuited his fraudulent conveyance claim in the First Suit—Cohen counterclaimed against Tour Partners in the Second Suit, claiming that the transfer of the Warehouse from Preston Realty to

Tour Partners was a fraudulent conveyance under the TUFTA. Cohen alleged that, at the time of the transfer, he was Preston Realty’s creditor and Preston Realty was his debtor. He asserted that, when Preston Realty sold the Warehouse to Tour Partners, it “did not receive a reasonably equivalent value in exchange for the transfer.” He claimed that the transfer left Preston Realty without sufficient assets to satisfy the debt owed to him.

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