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Breault v. Psarovarkas2/28/2003
Robert O. Breault ("Breault") sued John Psarovarkas ("Psarovarkas") for nonpayment of a promissory note (hereafter referred to as "the Renewal Note") made in 1997 in the amount of $56,538.00. The Renewal Note was given for the unpaid balance on a prior note (hereafter referred to as the "Real Estate Note") made in 1994. Following a bench trial, the court entered judgment for Breault on the Real Estate Note instead of the Renewal Note listed in the pleadings. After certain credits were awarded to Psarovarkas for payments made, the court entered judgment for Breault for damages, attorney's fees, interest, and costs.
In five points of error, Breault asserts that (1) the court erred by entering a judgment not supported by the pleadings; (2) there is no evidence, or the evidence is insufficient to support a credit awarded in Psarovarkas's favor; (3) the court erred by crediting the full amount of Psarovarkas's monthly payments against the principal balance; (4) the court erred in crediting Psarovarkas based on an "I.O.U."; and (5) the court abused its discretion by refusing to hold an evidentiary hearing on a post-trial motion for sanctions.
In two points of error, Psarovarkas asserts that (1) the judgment merely enforces the terms of the Real Estate Note and the court erred in the date prejudgment interest commenced, and (2) a deposit into the registry of the court is not required to halt post-judgment interest when the judgment creditor has refused an unconditional tender.
We reverse and remand.
Background
On June 17, 1994, Breault agreed to sell and Psarovarkas agreed to buy real property located at 1026 FM 2094, known as "Skipper's Café." Psarovarkas paid a $30,000 down-payment to Breault at the closing and signed a Real Estate Note for $95,000 principal at 8% interest per annum. Although there is no evidence of a written agreement outlining the detailed payment terms, it appears to be undisputed that the Real Estate Note "wrapped" two notes into one. Breault had previously purchased Skipper's Café from Albert Gonzales and had agreed to make monthly payments on a lien note that Gonzales owed to League City Bank & Trust ("the Gonzales Note"). Psarovarkas was to pay the balance of the Gonzales Note in the amount of $53,703, by making monthly payments of $1,525.00. The $41,300 remainder of the Real Estate Note ("the Breault Equity Note") was to be paid to Breault beginning on September 1, 1997 after the Gonzales Note was paid off.
Psarovarkas made payments on the Gonzales Note until April 1996. At that time, he wanted to purchase an adjoining lot for parking facilities. As part of that purchase, Psarovarkas obtained financing from Frost Bank. Frost Bank paid the remaining balance of $29,806.06 on the Gonzales Note, but did not pay off the Breault Equity Note. In September 1997, Breault made demand upon Psarovarkas for payment of the Breault Equity Note. A subsequent note, the Renewal Note, which was highly disputed, was signed on September 25, 1997, and was to be a renewal of the Breault Equity Note that had not been paid. Breault asserted that when he confronted Psarovarkas regarding nonpayment of the Breault Equity Note, Psarovarkas stated that he wanted to pay in one lump sum instead of monthly. In response to that request, Breault presented Psarovarkas with the Renewal Note for $56,538.00 that included all principal and interest earned to date on the Breault Equity Note. Breault asserts that Psarovarkas signed the Renewal Note in the presence of Lisa Welcome Doyle, a notary public. Doyle testified that she witnessed Psarovarkas sign the document. Psarovarkas asserts that he did not sign the document himself, but that he had hi
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