First American Nat. Bank of Nashville, Tenn. v. Booth, 80-128
Decision Date | 13 October 1980 |
Docket Number | No. 80-128,80-128 |
Citation | 270 Ark. 702,606 S.W.2d 70 |
Parties | FIRST AMERICAN NATIONAL BANK OF NASHVILLE, TENNESSEE, and Stanley M. Huggins, Trustee, Appellants, v. Boyd L. BOOTH and Sherwood Forrest, Inc., Appellees. |
Court | Arkansas Supreme Court |
Winchester, Marshall, Huggins, Carlton, Leake & Brown, Memphis, Tenn., and Barrett, Wheatley, Smith & Deacon, Jonesboro, for appellants.
Bradley & Coleman by Douglas Bradley, Jonesboro, for appellees.
This is the second appeal arising from a suit by appellees on a purchase money loan to impress an equitable lien upon land on which appellants' predecessor had also made a construction loan. In the first appeal, we reversed the trial court's judgment which voided the construction loan on the basis of usury. First American National Bank of Nashville, Tennessee v. McClure Construction Co., et al., 265 Ark. 792, 581 S.W.2d 550 (1979). Appellants now seek to reverse a subsequent decision on remand by the trial court granting appellees' judgment lien priority over appellants' construction mortgage. We do not reach the merits of appellants' argument since we find that appellants' failure to raise the priority of claims issue in the first appeal is conclusive of their claim in this appeal.
Appellee, Sherwood Forrest, Inc., conveyed three lots in Greene County, Arkansas, to John C. Watkins in consideration of his oral promise to pay $2,000 per lot. Watkins then obtained construction loans secured by deeds of trust on each lot in the total amount of $57,700 from Guaranty Mortgage Company of Nashville, Tennessee, the predecessor of the appellant, First American National Bank of Nashville, Tennessee. Approximately 2 months later Watkins conveyed the three lots to Gary McClure for consideration of three promissory notes in the amount of $2,000 each, which were immediately endorsed by Watkins to Sherwood Forrest. When McClure defaulted on payment of the notes, appellees brought suit against Watkins, McClure and appellants to recover the $6,000 purchase price of the three lots, to impress an equitable lien on the lots and to have the lien declared to be prior to the mortgage lien held by appellants. Although the trial court entered a judgment for $5,234 against McClure and granted the equitable lien, it did not reach the priority of lien question because it held that appellants' construction loan was usurious and, therefore, unenforceable. The finding of usury was reversed on appeal, and on remand, based...
To continue reading
Request your trial-
Standridge v. Standridge
...appeal and is therefore barred. Alexander v. Chapman, 299 Ark. 126, 771 S.W.2d 744 (1989); First American National Bank of Nashville, Tennessee v. Booth, 270 Ark. 702, 606 S.W.2d 70 (1980). (c) Separation of Annie's brief on this point contains extensive argument and citations with respect ......
-
Turner v. Northwest Arkansas Neurosurgery
...Inc., 334 Ark. 88, 971 S.W.2d 781 (1998). The rule is grounded on a policy of avoiding piecemeal litigation. First Am. Nat'l Bank v. Booth, 270 Ark. 702, 606 S.W.2d 70 (1980). Thus, the law-of-the-case doctrine prevents consideration of an argument that could have been made at trial and als......
-
Maxwell v. Maxwell
...Inc. , 334 Ark. 88, 971 S.W.2d 781 (1998). The rule is grounded on a policy of avoiding piecemeal litigation. First Am. Nat'l Bank v. Booth , 270 Ark. 702, 606 S.W.2d 70 (1980). Thus, the law-of-the-case doctrine prevents consideration of an argument that could have been made at trial and a......
-
Alexander v. Chapman, 88-63
...is not made until a subsequent appeal is barred by the law of the case. In First American National Bank of Nashville, Tennessee v. Booth, 270 Ark. 702, 606 S.W.2d 70 (1980), we affirmed a second appeal on that basis. At the initial trial, the court held that a loan made by the bank was usur......