Trahan v. First Nat. Bank of Ruston, 83-4139
| Decision Date | 02 December 1983 |
| Docket Number | No. 83-4139,83-4139 |
| Citation | 720 F.2d 832 |
| Parties | J.C. TRAHAN, Plaintiff-Appellee, v. The FIRST NATIONAL BANK OF RUSTON, Defendant-Appellant. |
| Court | U.S. Court of Appeals — Fifth Circuit |
Hudson, Potts & Bernstein, B. Roy Liuzza, Monroe, La., for defendant-appellant.
Robert G. Pugh, Robert G. Pugh, Jr., Shreveport, La., for plaintiff-appellee.
Appeal from the United States District Court for the Western District of Louisiana.
Before CLARK, Chief Judge, GEE and POLITZ, Circuit Judges.
On a former appeal of this case controlled by Louisiana substantive law, we affirmed a judgment of the trial court holding the appellant bank liable for conversion of 15,000 shares of pledged corporate stock and requiring it to procure and deliver to appellee Trahan a like amount of such stock within 30 days of the date of judgment. 690 F.2d 466 (5th Cir.1982). The question presented today is whether, after our affirmance of the trial court's judgment, that court was empowered to modify the judgment in such a manner as to alter the substantive relief granted by it. Concluding that it lacked such power, we reverse its judgment undertaking to do so.
Additional facts are needed for an understanding of what has happened in the case thus far. Under Louisiana law, the normal award of damages in a conversion suit is either a monetary award for the value of the stock on a reasonable date after conversion or the return of the stock. The market price of this stock fluctuated from about $10 on the date of conversion to about $30 on the judgment date, reaching a high of around $60 during this period. Based principally on reasoning that Mr. Trahan had held a large volume of this stock for many years without trading it on the market, and therefore would not have sold and so benefitted from the elevated price, the district court awarded the plaintiff specific performance,--the return of 15,000 shares.
This judgment was appealed by the bank to this court and affirmed. Cross-appealing, Mr. Trahan complained to us of the refusal of the district court to award monetary damages, which would have permitted him to benefit from the elevated stock price between the date of conversion and the date of judgment. We affirmed the award of the return of the stock based on reasoning that "there is no evidence that Trahan, if in possession [during this time], would have attempted to sell the stock at the higher prices which it reached after the date of conversion ...." Trahan v. First National Bank of Ruston, 690 F.2d 466, 468 (5th Cir.1982).
Within five days after our decision and the issuance of our mandate, the bank moved the district court for authorization to deposit 15,000 shares in its registry to comply with the award. By this time the value of the stock had fallen to $8 a share. Trahan filed a cross-motion seeking to receive the value of the stock as of the date of the former district court judgment--an amount some $300,000 greater than the value of the tendered stock. After hearing these motions, the district court amended its award because of its belief that "mere tender of 15,000 shares would be a windfall to the bank." Based on reasoning that it was the bank's failure to tender delivery of these shares within the 30 days following the date of the district court judgment that had resulted in the injury to plaintiff, the district court averaged the closing price of the stock during the last 20 days of this original 30-day period, arriving at an average price of $21.68. The district court then ordered that the "defendant bank tender to [plaintiff] 15,000 shares of TIPCO stock and the difference in price based on the closing price of a share of TIPCO on the day before the tender and the price of $21.68 per share." The sole question before us today on this second appeal from the district court is whether the district court's amended award of damages was proper.
In formulating its original judgment, the trial court had a choice between two modes of relief: an award of damages measured by the value of the converted stock on some reasonable date after conversion or return of the stock. It chose the latter. After its judgment was affirmed, it sought to revert to a version of the former. We search without success for any provision of rule or law empowering it to do so.
Appellee Trahan is able to suggest as such a provision only Rule 60(a), Federal Rules of Civil Procedure, which provides in pertinent part:
Clerical mistakes in judgments, orders or other parts of the record and errors therein arising from oversight or omission may be corrected by the court at any time of its own initiative or on the motion of any party and after such notice, if any, as the court orders....
We have had recent occasion to construe and apply Rule 60(a), in that case to the correction on remand of a misrecitation in a judgment of a stipulation. We observed:
Rule 60(a) finds application where the record makes apparent that the court intended one thing but by merely clerical mistake or oversight did another. Such a mistake must not be one of judgment or even of misidentification, but merely of recitation, of the sort that a clerk or amanuensis might commit, mechanical in nature. Wright & Miller, Federal Practice and Procedure: Civil Sec. 2854 and cases cited at n. 44. If of this sort, it matters not whether the magistrate committed it--as by mistakenly drafting his own judgment--or whether his clerk did so, id.; the law does not regard such trifles. In such instances the judgment can be corrected to speak the truth. Id. and cases cited at n. 43.
Here the court clearly intended, in its original judgment, to recite the stipulation as to reasonable attorneys' fees entered into of record by the parties and to award the stipulated fees, but in doing so it mis-recited the stipulation: no one had agreed, as the court recited, that "[r]easonable and necessary attorneys' fees incurred by the plaintiff in bringing this action equal $2100.00 as stipulated by the parties." (emphasis added). Rather...
To continue reading
Request your trial
-
Starns v. Avent
...Co., 620 F.2d 224 (10th Cir.1980). 14 See also, Jones v. Anderson-Tully Co., 722 F.2d 211, 212 (5th Cir.1984); Trahan v. First National Bank, 720 F.2d 832, 833-34 (5th Cir. 1983), judgment of district court aff'd, 747 F.2d 990 (5th Cir.1984) (per curiam). See also, In re Galiardi, 745 F.2d ......
-
Litman v. Massachusetts Mut. Life Ins. Co.
...and exceeded its institutional authority. See Farr v. H.K. Porter Co., 787 F.2d 1014, 1016 (5th Cir.1986); Trahan v. First National Bank, 720 F.2d 832, 833 (5th Cir.1983). We feel confident the district court thought it was doing justice in this case by issuing the order reinstating the jur......
-
Harcon Barge Co., Inc. v. D & G Boat Rentals, Inc.
...and Procedure, Sec. 2854 at 149 (1973).14 Jones v. Anderson-Tully Co., 722 F.2d 211, 212 (5th Cir.1984); Trahan v. First National Bank of Ruston, 720 F.2d 832, 833-34 (5th Cir.1983), judgment of district court aff'd, 747 F.2d 990 (5th Cir.1984) (per curiam). See also, In re Galiardi, 745 F.......
-
Olle v. Henry & Wright Corp.
...of recitation of amanuensis mistakes that a clerk might make. They are not errors of substantive judgment. Trahan v. First National Bank of Ruston, 720 F.2d 832 (5th Cir.1983); Dura-Wood Treating Co. v. Century Forest Industries, Inc., 694 F.2d 112, 114 (5th Cir.1982); Warner v. City of Bay......