Thomas v. Thomas
Texas Court of Appeals
738 S.W.2d 342 (1987)
- Written by Whitney Kamerzel , JD
Facts
Coca-Cola Bottling Co. (Coca-Cola) borrowed $2 million to buy land and improve a bottling facility. Coca-Cola borrowed the money from the Guaranty Bank and Trust Co. (the bank) at a maximum interest rate of the prime rate plus 1.35 percent. Two years later, the bank entered into a refinancing agreement with Coca-Cola and Ira Lee Thomas (defendant) to reduce Coca-Cola’s interest costs on the loan. Ira had become an executive and shareholder of Coca-Cola prior to his marriage. The refinancing saved Coca-Cola $638,000, and the savings benefited Ira’s separate-property shares in Coca-Cola. The refinancing agreement was obtained through a guarantee from Coca-Cola and Ira for the payment of the principal and interest of the new loan. Upon the divorce of Ira and Martha Thomas (plaintiff), Martha made a claim for reimbursement based on the use of community credit to enhance Ira’s separate property. However, Martha did not submit evidence about the cost to the community from Ira’s use of the community’s credit.
Rule of Law
Issue
Holding and Reasoning ()
Concurrence/Dissent (Dunn, J.)
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