W. L. Epps, Independent of the Estate of Paul C. Ledrick v. National Bank of Commerce

CourtCourt of Appeals of Texas
DecidedFebruary 24, 2003
Docket07-02-00122-CV
StatusPublished

This text of W. L. Epps, Independent of the Estate of Paul C. Ledrick v. National Bank of Commerce (W. L. Epps, Independent of the Estate of Paul C. Ledrick v. National Bank of Commerce) 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
W. L. Epps, Independent of the Estate of Paul C. Ledrick v. National Bank of Commerce, (Tex. Ct. App. 2003).

Opinion

NO. 07-02-0122-CV


IN THE COURT OF APPEALS


FOR THE SEVENTH DISTRICT OF TEXAS


AT AMARILLO


PANEL E


FEBRUARY 24, 2003



______________________________


W. L. EPPS, INDEPENDENT EXECUTOR OF THE
ESTATE OF PAUL C. LEDRICK, APPELLANT


V.


NATIONAL BANK OF COMMERCE, APPELLEE


_________________________________


FROM THE 223RD DISTRICT COURT OF GRAY COUNTY;


NO. 30,997; HONORABLE LEE WATERS, JUDGE


_______________________________


Before JOHNSON, C.J. and REAVIS, J. and BOYD, S.J. (1)



MEMORANDUM OPINION (2)

W. L. Epps, Independent Executor of the Estate of Paul C. Ledrick, (Executor), challenges a judgment following a trial that National Bank of Commerce recover the sum of $265,341.39, plus interest and attorney's fees against him in his capacity as Independent Executor of the Estate of Paul Ledrick, deceased. Presenting four issues, the Executor argues the trial court erred in (1) finding that the Bank's insufficient knowledge of John Kenney's actions was a conclusion of law when the issue was really one of a finding of fact; (2) concluding as a matter of law that there was insufficient evidence to show that the Bank had knowledge of the misappropriation of funds under the power of attorney; (3) concluding that there was insufficient evidence to show the Bank had knowledge of the misappropriation of funds under the power or attorney; and (4) not finding the Bank liable for aiding John Kenney in misappropriating funds held in trust under the power of attorney when the evidence shows the Bank had knowledge that John Kenney was using the funds for his personal benefit and to the detriment of Ledrick. Based upon the rationale expressed herein, we affirm.

On October 1, 1990, Paul C. "Mickey" Ledrick, executed a "General Power of Attorney" by which he appointed John Kenney as his true and lawful attorney-in-fact. Ledrick acknowledged the instrument before a notary public and after it was subscribed by two witnesses, it was recorded in the official records of Gray County. At that time, Kenney was living on property owned by Ledrick and was "functioning as a caretaker of both the person and property of Ledrick." The instrument provided that Kenney had the authority customarily granted in a general power of attorney, including, among other special provisions:



(2)(k) To borrow any sum or sums of money on such terms and with such security, whether real or personal property, as my attorney may think fit, and for that purpose to execute all promissory notes, bonds, mortgages, deeds of trust, security agreements, and other instruments which may be necessary or proper.



In addition, by paragraphs 9 and 11, Ledrick agreed

9. CONFIRMATION OF ATTORNEYS ACTS. I hereby ratify and confirm that all that my attorney-in-fact or any successor shall lawfully do or cause to be done by virtue of this general power of attorney and the rights and powers granted herein.



11. INDEMNIFICATION OF THIRD PARTIES. I hereby indemnify and hold harmless any third party who accepts and acts under this power of attorney against any and all claims, demands, losses, damages, actions and causes of action, including expenses, costs and reasonable attorney's fees which such third party may incur in connection with his reliance on this power of attorney.



As of October 1, 1990, Ledrick and Kenney had conducted business with the Bank for several years and Ledrick had maintained certificates of deposit there and Kenney had farm loans and a checking account.

Before Ledrick revoked the power of attorney on March 29, 1998, as material here, the Bank made six loans to John Kenney, attorney-in-fact for Paul C. Ledrick. By its live pleading, the Bank sought to recover on the loans against Ledrick as follows:

a) August 5, 1997, loan no. 902433 in the original principal amount of $100,000;



b) October 8, 1996, loan no. 902122 in the original principal amount of $35,000;



c) January 16, 1997, loan no. 902434 in the original principal amount of $23,000;



d) August 5, 1997, loan no. 903075 in the original principal amount of $25,000;



e) January 2, 1998, loan no. 903521 in the original principal amount of $5,000; and



f) January 7, 1998, loan no. 186484 in the original principal amount of $4,439.52.



On May 29, 1998, (3) the Bank filed suit to recover on the notes and foreclose its collateral against Ledrick and Kenney. By his pleadings, the Executor alleged failure of consideration and other affirmative defenses or claims not material here; however, misappropriation of funds is raised for the first time on appeal.

Following rendition of the judgment that the Bank recover on the notes against the Executor, in addition to other findings of fact, the trial court made the following findings:

  • •Ledrick executed the general power of attorney to Kenney.
  • •The power of attorney was prepared by Ledrick's attorney.


  • •Beginning on August 18, 1992, the Bank commenced making loans to Kenney, POA for Ledrick, and eventually the six loans set out above were made to John Kenney, POA for Paul C. Ledrick.
  • •All of the loans were in default and the Bank had given proper notice to Kenney and Ledrick.
  • •The Bank was the owner and holder of the six notes.


  • •Ledrick revoked the general power of attorney on March 29, 1998.


  • •As of the date of trial, the total principal and accrued interest on the notes was $265,341.39.

Where, as here, these findings are not challenged, this Court is bound by them unless the contrary is established as a matter of law or there is no evidence to support the findings. McGalliard v. Kuhlmann, 722 S.W.2d 694, 696 (Tex. 1986); see also Northwest Park Homeowners Ass'n, Inc. v. Brundrett, 970 S.W.2d 700, 704 (Tex.App.-Amarillo 1998, pet. denied).

We will consider the Executor's issues in a logical rather than sequential order. Issues two and four are directed at misappropriation of funds; thus, we will consider them together. By his second issue, the Executor argues the trial court erred in concluding as a matter of law that there was insufficient evidence to show that the Bank had knowledge of the misappropriation of the funds under the power of attorney. By his fourth issue, he contends the trial court erred in not finding the Bank liable for aiding Kenney in misappropriating funds held in trust under the power of attorney when the evidence showed that the Bank had knowledge that Kenney was using the funds for his personal benefit and to the detriment of Ledrick.

In reply to these issues, the Bank contends that because the affirmative defense of misappropriation was not alleged in the trial court it is waived. We agree. The office of pleadings is to define issues at trial. Murray v. O & A Express, Inc., 630 S.W.2d 633, 636 (Tex. 1982). Also, in Sandridge v.

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W. L. Epps, Independent of the Estate of Paul C. Ledrick v. National Bank of Commerce, Counsel Stack Legal Research, https://law.counselstack.com/opinion/w-l-epps-independent-of-the-estate-of-paul-c-ledri-texapp-2003.