Tour Partners Ltd. v. Jay Cohen

CourtTexas Court of Appeals, 1st District (Houston)
DecidedJune 2, 2026
Docket01-24-00067-CV
StatusPublished

This text of Tour Partners Ltd. v. Jay Cohen (Tour Partners Ltd. v. Jay Cohen) is published on Counsel Stack Legal Research, covering Texas Court of Appeals, 1st District (Houston) primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Tour Partners Ltd. v. Jay Cohen, (Tex. Ct. App. 2026).

Opinion

Opinion issued June 2, 2026

In The

Court of Appeals For The

First District of Texas ———————————— NO. 01-24-00067-CV ——————————— TOUR PARTNERS LTD., Appellant V. JAY COHEN, Appellee

On Appeal from the 55th District Court Harris County, Texas Trial Court Case No. 2013-68181

MEMORANDUM OPINION

Jay Cohen sued Tour Partners Ltd. under the Texas Uniform Fraudulent

Transfer Act (TUFTA). His claims arose from a real estate transaction: the sale of a

warehouse to Tour Partners by Preston Realty Corporation1—a company in which

1 Preston Realty is not a party to this appeal. 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

2 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

3 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. 4 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

5 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

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Tour Partners Ltd. v. Jay Cohen, Counsel Stack Legal Research, https://law.counselstack.com/opinion/tour-partners-ltd-v-jay-cohen-txctapp1-2026.