Wheatland Cold Storage and Meat Processing, Inc. v. Wilkins, 85-24
Decision Date | 21 August 1985 |
Docket Number | No. 85-24,85-24 |
Parties | WHEATLAND COLD STORAGE AND MEAT PROCESSING, INC., Les C. Leal, and Antonia Leal, Appellants (Defendants), v. Edgar WILKINS, Appellee (Plaintiff). |
Court | Wyoming Supreme Court |
George Santini and Charles E. Graves of Charles E. Graves & Associates, Cheyenne, for appellants.
Eric M. Alden, Wheatland, for appellee.
Before THOMAS, C.J., and ROONEY, ROSE, BROWN and CARDINE, JJ.
This appeal asks whether the trial court erred in refusing to set aside an execution sale wherein a judgment was sold for $250 and later turned out to have a value of $80,000. Appellants claim the trial court had equitable power to set aside the execution sale and raise the following issue:
"Whether the district court has the power to oversee execution upon judgments issued under its auspices to prevent inequity."
We will affirm.
The facts and procedural history of the case are long and complex. Appellants Wheatland Cold Storage and Meat Processing, Inc. (hereinafter Wheatland Cold Storage), and Les C. Leal and Antonia Leal (hereinafter the Leals), were sued upon a $15,000 note and for fraudulent misrepresentation by appellee Edgar Wilkins on October 22, 1980. Pursuant to a confession of judgment, appellee obtained a judgment filed August 7, 1981, for $21,419.84 on the $15,000 note including interest and attorney fees. The fraudulent misrepresentation allegation was dismissed.
Appellee was unable to execute on the judgment and, therefore, an examination of debtor was held which disclosed two equitable assets held by appellants subject to execution: one, a judgment rendered in a separate proceeding in federal district court in favor of appellants in the principal amount of $110,055.81, together with accrued interest dated June 27, 1980; and two, the interest of Wheatland Cold Storage in a lease agreement with option to purchase real property upon which the business was located. Appellee subsequently received an oral order from the district court authorizing him to execute upon appellants' equitable assets.
On March 2, 1982, appellee noticed that appellants' federal judgment of $110,055.81 was to be sold at an execution sale on April 7, 1982. Appellee subsequently purchased the judgment at the sale for the sum of $250. Appellants then petitioned the court to have the execution sale set aside on the grounds that the price paid for the judgment was disproportionate to its value. Such petition was denied by the district court since the court found there was no evidence that the price was inadequate or that the sale was otherwise improperly conducted:
On June 4, 1982, appellee noticed the execution sale of appellants' second equitable asset, namely, the equitable interest of Wheatland Cold Storage in the lease agreement with option to purchase real property upon which the business was situate. This sale was to be held on July 7, 1982, but was postponed when appellants filed a petition for bankruptcy in federal court. The bankruptcy petition was eventually dismissed and appellee again sought to execute upon the lease agreement. Such sale was eventually held and appellee purchased the interest in the lease agreement for the amount remaining due on its judgment plus interest and costs accrued.
In the interim, appellee settled the federal court judgment for $80,000 (this was the judgment purchased earlier at the execution sale for $250). Thereafter appellants again sought to have the execution sale set aside.
The matter was heard on December 14, 1984, and the district court concluded it would not interfere with the execution sale of the federal judgment or the leasehold interest. At the close of the hearing, Judge Langdon stated:
The court subsequently entered its order, finding:
Appellants contend Judge Langdon erred when he stated he believed he was without power to set aside the execution sale of the federal judgment. Appellants then cite authority for the general proposition that courts have the equitable power to restrain execution upon a judgment which is otherwise final where execution would result in injustice. Marine Insurance Company of Alexandria v. Hodgson, 3 U.S. (7 Cranch 332) 557, 3 L.Ed. 362 (1813); and 33 C.J.S. Executions § 151 (1942).
It is true that the district courts of this state "* * *...
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