Madison, Ltd. v. Price

• Decision Date: 02 November 1976
• Docket Number: 31387,Nos. 31292,31424 and 31452,s. 31292
• Citation: 237 Ga. 904,230 S.E.2d 297
• Parties: MADISON, LTD. v. Maxie PRICE et al. Margaret Mays PRICE v. MADISON, LTD., et al. The BANK OF DULUTH v. MADISON, LTD., et al. MADISON, LTD. et al. v. The BANK OF DULUTH.
• Court: Georgia Supreme Court

Page 297

230 S.E.2d 297

237 Ga. 904

MADISON, LTD. v. Maxie PRICE et al.

Margaret Mays PRICE v. MADISON, LTD., et al.

The BANK OF DULUTH v. MADISON, LTD., et al.

MADISON, LTD. et al. v. The BANK OF DULUTH.

Nos. 31292, 31387, 31424 and 31452.

Supreme Court of Georgia.

Nov. 2, 1976.

Rehearing Denied Nov. 24, 1976.

Dixon & Boyle, Tyler Dixon, Tucker, for Madison, Ltd.

Gershon, Ruden, Pindar & Olim, Max Olim, Kilpatrick, Cody, Rogers, McClatchey & Regenstein, Thomas C. Harney, Alston, Miller & Gaines, H. James Winkler, Ben F. Johnson, III, Claude E. Hambrick, Atlanta, for Maxie Price, et al.

Gershon, Ruden, Pindar & Olim, Max Olim, Atlanta, for Margaret Mays Price.

Dixon & Boyle, Tyler Dixon, Tucker, W. Paul Kesmodel, Jr., Duluth, Kilpatrick, Cody, Rogers, McClatchey & Regenstein, Thomas C. Harney, Claude E. Hambrick, Alston, Miller & Gaines, Ben F. Johnson, III, Gershon, Ruden, Pindar & Olim, Max Olim, Atlanta, for Madison, Ltd. et al.

W. Paul Kesmodel, Jr., Duluth, Kilpatrick, Cody, Rogers, McClathcy & Regenstein, George B. Haley, Thomas C. Harney, Atlanta, for Bank of Duluth.

JORDAN, Justice.

These appeals arise from litigation instituted by Madison, Ltd., against Maxie Price and others, seeking specific performance of release provisions in two security deeds.

1. In case no. 31292 the trial judge granted summary judgment to Citizens & Southern Bank, North Springs Office, and error is assigned on this judgment by Madison.

The evidence submitted on the summary judgment motion was without contradiction that the bank had previously had an assignment of one of the secutiry deeds as collateral for a loan from it to Gene Latham, but had reassigned the deed to Latham prior to the filing of the complaint. Both in the trial court, and in this court, the bank disavowed any present interest in the security deed containing the release provision sought to be enforced by Madison against the bank. It was not error for the trial judge to grant summary judgment to the bank, and to find that the bank was not guilty of bad faith or stubborn litigiousness.

2. In case no. 31452 Madison contends that partial summary judgment should not have been granted to the Bank of Duluth. The trial judge granted summary judgment as to the claim of Madison against the Bank of Duluth with respect to the release provision in the security deed from Oliver Reid Dobbs, III (who conveyed the property to Madison) to Maxie Price, Professional Real Estate Services Company, and Kenerly Realty Company.

The evidence was uncontradicted that, prior to the filing of the complaint, the Bank of Duluth reassigned to Maxie Price all interest in this security deed, which had been previously assigned to the bank as collateral, and the bank has no present interest in this security deed. The trial judge did not err in granting this partial summary judgment to the Bank of Duluth.

3. In case no. 31387 Margaret Mays Price appeals from the denial of summary judgment to her.

On July 17, 1973, Maxie Price executed a security deed to Margaret Mays Price conveying approximately 300 acres of land. Thereafter Maxie Price conveyed the property described in the security deed to Oliver Reid Dobbs, III. On August 24, 1973, Margaret Mays Price assigned the security deed to the Bank of Duluth as collateral. On November 8, 1973, Oliver Reid Dobbs, III, conveyed the property to Madison, subject to the security deed. The security deed had the following release provision:

'Grantee agrees to release from the operation and effect of the within deed to secure debt acreage upon the payment of $1,260 per acre for each acre to be released. All sums paid for release of acreage shall be applied to the next annual principal installment or installment due on the note the within deed is given to secure. Releases shall be by quitclaim deed with the road...