Andrew J. Matthews, v. E. E. (Eddie) Matthews, et al.

Case Number
M2003-01159-COA-R3-CV

This is an appeal from a declaratory judgment action. Crossroads Market, LLC, a grocery, was owned by two brothers whose differences escalated to a point that necessitated an action to dissolve the LLC. The trial court granted the petition to dissolve the LLC and ordered the LLC be sold at auction to the highest bidder. Appellant, one of the brothers, was the successful bidder; however, a dispute arose immediately following the auction concerning the liabilities of the LLC. The Appellant insisted that a certain $300,000 promissory note was not a liability of the LLC while his brother, the Appellee, the holder of the note, insisted it was. The court, finding that the LLC had identified the promissory note as a liability on its financial reports and tax returns from the inception of the LLC, ruled that the note was a liability of the LLC when it was purchased at auction by the Appellant. Appellant appealed. We affirm.

 

Authoring Judge
Judge Frank Clement, Jr.
Originating Judge
Chancellor Robert E. Corlew, III
Case Name
Andrew J. Matthews, v. E. E. (Eddie) Matthews, et al.
Date Filed
Dissent or Concur
No
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