Investors Title Company v. Chicago Title Insurance Company3/28/2000
Appeal From: Circuit Court of St. Louis County, Hon. James R. Hartenbach
Opinion Vote: AFFIRMED. Teitelman, P.J., and Ahrens, J., concur.
Opinion:
Investors Title Co. ("Plaintiff") appeals the trial court's denial of postjudgment interest for the time period from the date of the trial court's rendition of judgment until this court's affirmance of the judgment on the merits in Investors Title Co. v. Chicago Title Ins. Co., 983 S.W.2d 533 (Mo.App. E.D. 1998). We affirm.
Procedural History
Plaintiff sued Chicago Title Insurance and Chicago Title Trust ("Defendants") for breach of contract. Chicago Title Insurance counterclaimed. The case was bench tried. On April 7, 1997, the trial court entered judgment in favor of Plaintiff for the principal amount of $3,023,138.00, plus $1,177,394.00 in prejudgment interest. At this time, the court also ruled in favor of Chicago Title Insurance on its counterclaim and awarded it $618,921.53 in damages. This April 7, 1997, judgment will be referred to as the "original judgment."
Pursuant to Defendants' motion, on August 1, 1997, the trial court rendered an amended judgment, deleting the award of prejudgment interest to Plaintiff (hereinafter the "amended judgment"). Defendants filed their notice of appeal to this court on August 8, 1997. Plaintiff cross-appealed on August 11, 1997, claiming the trial court erred in denying prejudgment interest. On October 13, 1998, this court affirmed the trial court's amended judgment in all respects. Investors Title, 983 S.W.2d 533.
Plaintiff later sought postjudgment interest on the award under Section 408.040.1 RSMo. (1994) for the period from April 7, 1997, the date of the original judgment, to the date Defendants satisfied the judgment. The trial court denied Plaintiff postjudgment interest during the pendency of the first appeal, holding that a judgment creditor is not entitled to interest pending its own appeal. However, the trial court awarded Plaintiff postjudgment interest for the period from October 13, 1998, the date of this court's affirmance of the amended judgment, until Defendants satisfied the principal amount of the amended judgment on March 22, 1999.
Plaintiff timely filed this appeal raising three points of error, all of which relate to the trial court's denial of postjudgment interest.
Analysis
I.
Two of Plaintiff's points of error challenge the trial court's refusal to award postjudgment interest during the period from August 11, 1997, the date on which Plaintiff filed notice of its cross-appeal, until October 13, 1998, the date on which this court affirmed the trial court's amended judgment.
Again, Plaintiff claims postjudgment interest pursuant to Section 408.040.1, which provides that " nterest shall be allowed on all money due upon any judgment or order of any court from the day of rendering the same until satisfaction be made by payment, accord or sale of property..." However, notwithstanding the wording of the statute, where a judgment creditor appeals on the ground of inadequacy from a recovery in his favor, and the judgment is affirmed on appeal, the judgment creditor is not entitled to interest pending such appeal. Jesser v. Mayfair Hotel, Inc., 360 S.W.2d 652, 665 (Mo. banc 1962); Land Clearance For Redevelopment Authority of Kansas City, Mo. v. Kansas Univ. Endowment Ass'n, 831 S.W.2d 649, 650 (Mo.App. W.D. 1992); State ex rel. Southern Real Estate & Fin. Co. v. City of St. Louis, 115 S.W.2d 513, 515-516 (Mo.App. St.L. 1938). The reason for this rule is well stated by the court in Southern Real Estate: " here it is the judgment creditor himself w
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