From Casetext: Smarter Legal Research

Buell Realty Note Collection Trust v. Central Oak Investment Co.

Supreme Court of Texas
Oct 25, 1972
486 S.W.2d 87 (Tex. 1972)

Opinion

No. B-3527.

October 25, 1972.

Appeal from the 68th District Court, Dallas County, Giles, J.

James P. Swift, Dallas, for petitioner.

McKool, McKool, Jones, Shoemaker Turley, Bill Jones, Dallas, for respondents.


ON APPLICATION FOR WRIT OF ERROR


This is a controversy between a mortgagee, petitioner, and the landowners, respondents, over the proceeds of an award in an eminent domain proceeding. Part of the land on which petitioner holds a lien to secure its indebtedness was condemned for public use, and the amount of the award was deposited by the condemning authority in the registry of the County Court at Law. Petitioner then brought this suit in district court. The trial court held that respondents are entitled to the entire award, and the Court of Civil Appeals affirmed. 483 S.W.2d 24.

Petitioner insists that the entire award should be paid to it and applied on the mortgage debt. We are satisfied that it is not entitled to that relief under the facts of the case. There is no contention that the proceeds of the award should be allocated to the parties on the basis of a mathematical formula that will preserve some established relationship between the indebtedness and the property securing its payment, and we have made no attempt to determine whether such a rule might be appropriate in cases of this nature. The application for writ of error is Refused, No Reversible Error.


Summaries of

Buell Realty Note Collection Trust v. Central Oak Investment Co.

Supreme Court of Texas
Oct 25, 1972
486 S.W.2d 87 (Tex. 1972)
Case details for

Buell Realty Note Collection Trust v. Central Oak Investment Co.

Case Details

Full title:BUELL REALTY NOTE COLLECTION TRUST, Petitioner, v. CENTRAL OAK INVESTMENT…

Court:Supreme Court of Texas

Date published: Oct 25, 1972

Citations

486 S.W.2d 87 (Tex. 1972)

Citing Cases

Wynnewood Bank and Trust v. State

We agree with Mortgagee's assertions that a lienholder is entitled to participate in the condemnation…

Olivares v. Birdie L. Nix Trust

A party to a condemnation proceeding need not have been the actual holder of the tract's title to have a…