Young v. J. A. Young MacHine & Supply Co.

1950 OK 303, 224 P.2d 971, 203 Okla. 595, 1950 Okla. LEXIS 526
CourtSupreme Court of Oklahoma
DecidedNovember 28, 1950
Docket33903
StatusPublished
Cited by18 cases

This text of 1950 OK 303 (Young v. J. A. Young MacHine & Supply Co.) is published on Counsel Stack Legal Research, covering Supreme Court of Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Young v. J. A. Young MacHine & Supply Co., 1950 OK 303, 224 P.2d 971, 203 Okla. 595, 1950 Okla. LEXIS 526 (Okla. 1950).

Opinion

JOHNSON, J.

Original petition in this action was filed May 5, 1933, by Chester Young against J. A. Young, the father of plaintiff, seeking a judgment for the balance due on a promissory note executed on the 5th of November, 1930, by the defendant J. A. Young for the principal sum of $8,000. Payments were endorsed thereon in the sum of $3,700 and accruing interest in the sum of $292.91, leaving a balance of $4,300. The note provided for an attorneys’ fee of 10 per cent in case of forced collection by an attorney.

On June 2, 1933, defendant J. A. Young filed an answer and cross-petition in which he denied every allegation except the execution of the note, asserting that at the time he was an aged man in very delicate health; that on account of his age, health and mental condition, he did not understand what he was doing when he signed the note; that at the time he had a complete offset and counterclaim to the claim of plaintiff; that if he had been in good health and had not been taken advantage of by his son, he would not have signed the note. That about 60 days before the note was. executed, his son made a demand on him in writing that he pay him $200 per month and interest for alleged services rendered to him (defendant) by his son (plaintiff) for nine years preceding -the demand; that his son lived with him during these nine years and was supposed to pay board and laundry, but did not; that the board and laundry amounted to more than the amount of the face value of the note; that he paid on the principal of said note $3,700 and $292.91 interest, but because of the depression he was unable to pay more. Defendant J. A. Young further stated that beginning January 1, 1921, the plaintiff boarded with defendant at his home during the period that plaintiff was charging said defendant $200 per month for his labor without his knowledge. In short, defendant set out various claimed offsets and counterclaims in the total sum of $8,141.34 and prayed for judgment accordingly. Thereafter, *596 on September 23, 1933, defendant filed an amended answer and cross-petition which was substantially the same as the first except he alleged that the amount of wages asserted as claimed by plaintiff from defendant was $125 per month, and prayed judgment against plaintiff for $8,625.95.

After the issues were thus formed, the plaintiff, on June 9, 1943, filed an application to make the J. A. Young Machine & Supply Company, a corporation, Beulah Ann Young and Lula Emeline Young party defendants. On the same' date an order was entered granting the application and restraining the defendants from disposing of any property in the possession of said corporation. On June 18, 1943, plaintiff filed an amended petition against J. A. Young and J. A. Young Machine & Supply Company, a corporation, Beulah Ann Young and Lula Emeline Young, individually, and as executrices of the estate of J. A. Young, deceased (J. A. Young died in January, 1943), praying for the cancellation of a deed executed by J. A. Young wherein he conveyed property owned by him to the J. A. Young Machine & Supply Company, alleging that it was held in trust as security for the payment of the note due plaintiff, and also asked that defendants be enjoined from transferring the property involved. On April 20, 1945, the defendants filed an answer to this amended petition, to which plaintiff replied. Upon these issues the cause was tried before, a jury on May 8, 1945; and, at the conclusion of all the evidence, plaintiff moved for a directed verdict, which motion was sustained, and the jury was instructed by the court to return a verdict for plaintiff for $4,300 less a credit of $50 on February 1, 1931, and $537.50 paid June 3, 1931, with interest at 8 per cent per annum from March 1, 1933, and an attorneys’ fee of $371.50. The court entered judgment upon the verdict and continued the case as to the other questions raised by the pleadings.

On February 13, 1948, plaintiff filed an amendment to his amended petition, praying that the court establish an equitable lien upon the real estate which had been transferred by J. A. Young to the J. A. Young Machine & Supply Company, a corporation.

On May 28, 1948, after trial, the court adjudged that the evidence was insufficient to establish an equitable lien in favor of the plaintiff against the real property of J. A. Young, owned by him during his lifetime and subsequently transferred to the corporation. Motion for new trial was overruled and this appeal perfected.

The contention presented by plaintiff is that the trial court erred in refusing to impress the real estate transferred by J. A. Young to the J. A. Young Machine & Supply Company, a corporation, with an equitable lien.

The record discloses that at the time of the execution of the note sued upon J. A. Young was operating under the trade name of J. A. Young Machine & Supply Company, as sole owner; that several years after issues in the case had been formed by the pleadings, but before the hearings had and judgments rendered herein, J. A. Young organized and incorporated his business as the J. A. Young Machine & Supply Company, a corporation, and transferred by deed the real estate owned by him individually to the newly formed corporation.

To sustain his contention the plaintiff relies upon an instrument which was in evidence and reads:

“Exhibit ‘C’
“Guaranty
“Whereas, J. A. Young is indebted to Chester Young, in the sum of Eight Thousand Three Hundred Forty-five & 05/100 Dollars, and
“Whereas, the said Chester Young has demanded a real, estate mortgage on the property occupied by the J. A. Young Machine & Supply Company, as security for the payment of said indebtedness, and,
*597 “Whereas, the said J. A. Young does not desire to execute the said mortgage for said purpose, and,
“Whereas, the said Chester Young, has waived his demand for said mortgage as security and agrees to take from the said J. A. Young his promissory note, without security, for said indebtedness under the following terms, agreements and conditions:
“That the said J. A. Young agrees with the said Chester Young that he will not at any time prior to the payment in full or maturity of the said promissory note this day executed in payment of the amount due the said Chester Young, will not make, execute or deliver any note or mortgage covering the real estate and buildings now owned by the said J. A. Young, and the J. A. Young Machine & Supply Company, in the City of Enid, Oklahoma, and will not permit any lien, judgment or assessment to become a lien on said property, inbonded, for more than thirty days.
“It is further agreed that should the said J. A. Young execute a mortgage covering this property, or permit a judgment lien to be filed against him for a term of thirty days or any legal charge or assessment to remain delinquent for thirty days, then it is agreed that the whole unpaid balance of the note herein executed in payment of the indebtedness to the said Chester Young may be declared matured and the whole amount become due and collectible, at the option of the said Chester Young.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

State Ex Rel. Prater v. 2010 Toyota Corolla, VIN 1NXBU4EE4AZ313776
2015 OK CIV APP 48 (Court of Civil Appeals of Oklahoma, 2015)
STATE ex rel. PRATER v. 2010 TOYOTA COROLLA
350 P.3d 409 (Court of Civil Appeals of Oklahoma, 2015)
Broadway Clinic v. Liberty Mutual Insurance Co.
2006 OK 29 (Supreme Court of Oklahoma, 2006)
In Re Ludwig Realty Corp.
234 B.R. 281 (W.D. New York, 1999)
Neil Acquisition, L.L.C. v. Wingrod Investment Corp.
1996 OK 125 (Supreme Court of Oklahoma, 1996)
Kratz v. Kratz
905 P.2d 753 (Supreme Court of Oklahoma, 1995)
Wolfenbarger v. Williams
826 F.2d 930 (Tenth Circuit, 1987)
First National Bank of Pauls Valley v. Crudup
656 P.2d 914 (Supreme Court of Oklahoma, 1982)
Riffe Petroleum Co. v. Great Nat. Corp., Inc.
1980 OK 112 (Supreme Court of Oklahoma, 1980)
Opinion No. (1980) Ag
Oklahoma Attorney General Reports, 1980
Phoenix Mutual Life Insurance Co. v. Harden
1979 OK 93 (Supreme Court of Oklahoma, 1979)
Taylor v. B. B. & G. Oil Co.
1952 OK 344 (Supreme Court of Oklahoma, 1952)

Cite This Page — Counsel Stack

Bluebook (online)
1950 OK 303, 224 P.2d 971, 203 Okla. 595, 1950 Okla. LEXIS 526, Counsel Stack Legal Research, https://law.counselstack.com/opinion/young-v-j-a-young-machine-supply-co-okla-1950.