Court Opinion

ID: 9775681
Source: CourtListenerOpinion
Date Created: 2023-08-29 19:06:57.943255+00
Date Added: 2024-06-11T07:32:30.226224
License: Public Domain

ON MOTION FOR REHEARING
NORTHCUTT, Justice.
It has been called to our attention that our opinion herein was not clear as to the corporate stocks available to appellants in collecting their judgment against Jack D. Liston. Therefore, to clarify our opinion, we modify and amend the opinion heretofore rendered herein to provide that the judgment of the trial court is reversed and judgment here rendered on behalf of appellants, Amarillo National Bank and Cap-rock Leasing Company, that they have a first and superior claim to all claims of the First National Bank of Amarillo, the Jack D. Liston Trust No. II and Mr. and Mrs. Liston, and that appellants recover such amounts as to satisfy the judgments they may have heretofore obtained against Jack D. Liston and Hallmark Academy, Inc. out of the following: the $285,000.00 indebtedness owed by the Ed Fagg Trust to the community estate of Jack D. and Bonne Liston; all the corporate stocks, notes, interest in any real estate and loans designated and set out in the transfer and assignments dated August 9, 1967 executed by Jack D. Liston Trust No. II to the First National Bank of Amarillo, and the following corporate stocks of Jack D. and *411Bonne Liston as follows: 125 shares of Creek Cattle Company stock; 810 shares of MM Cattle Company stock; 540 shares of Jaten Oil Company stock; 40 shares of Spool Oil Company stock; 10 shares of Spool Company stock; 270 shares of H & W Development Company stock; 2 shares of Globe News Publishing Company stock; and 1 share of Amarillo Club stock.
The appellees in their motion for rehearing, among other contentions, contended the court erred in holding the agreement dated August 2, 1960 was not binding on the creditors (appellants herein) because these appellants had constructive, if not actual, notice of the existence and terms of the agreement when they extended the credit to Jack Liston. That portion of Art. 4624a that was in effect when the August 2, 1960 instrument was drawn provided that such portion was not good or effectual against any creditor unless filed for record with the county clerk of the county or counties in which such property shall be situated. To partition community property to separate property, it must be done in a statutory manner. Art. 4624a was amended by the 60th Legislature to be effective January 1, 1968 and changed the act to provide that such partition or exchange would be void as against creditors without notice unless the subscribed written instrument evidencing it is acknowledged and filed for record. The amendment changed Art. 4624a that was effective on August 2, 1960 by adding creditors “without notice” but under Art. 4624a that was in effect on August 2, 1960, provided for the instrument to be good or effective against any creditor it had to be filed. Art. 4624a as effective on August 2, 1960, made no distinction between a creditor having notice and one that did not have notice, but unless it was filed for record, it was not effectual as against any creditor. The article was repealed by the 61st Legislature effective January 1, 1970.
The motions for rehearing are denied.