Conversion Properties, L.L.C. v. Kessler

994 S.W.2d 810 (1999)

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Conversion Properties, L.L.C. v. Kessler

Texas Court of Appeals
994 S.W.2d 810 (1999)

RW

Facts

Joan Kessler (plaintiff) financed the purchase of her house by assuming a first mortgage from Nowlin Mortgage Company (Nowlin) and taking out a second mortgage from Guaranty Federal Savings Bank (Guaranty). Kessler subsequently defaulted on the Guaranty mortgage. Guaranty foreclosed on Kessler’s house and sold it to Conversion Properties, L.L.C. (Conversion) (defendant). Although Conversion claimed to discover the Nowlin mortgage’s existence only after Conversion bought the foreclosed property, Guaranty’s mortgage was clearly labeled a second mortgage. Conversion paid off the Guaranty mortgage and was left with a substantial surplus. Conversion used the surplus to pay down the Nowlin mortgage and then claimed a right to reimbursement as Nowlin’s equitable subrogee. Kessler filed for a declaratory judgment that she was entitled to the surplus. The trial court entered judgment for Kessler. Conversion appealed to the Texas Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Roach, J.)

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