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Chambers v. Equity Bank, SSB

While the jury determined the bank committed fraud and real estate fraud against Chambers and assessed damages and exemplary damages for that fraud, Chambers ratified the fraud by entering into an amended contract that specifically addressed the matter at the heart of the fraud — the faulty septic system at the property. Chambers' ratification of the fraud precludes being awarded damages for that same fraud. Texarkana Court of Appeals, No. 06-09-00012-CV, 07-30-2010

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Before Morriss, C.J., Carter and Moseley, JJ.

OPINION

Unknown to Charles M. Chambers, when he passed by the Lighthouse Resort on Lake Fork on a weekend fishing trip in early 2004 and noticed the “for sale” sign, was the fact that lurking beneath the resort’s surface was a damaged or defective septic system. It is not disputed that, in April 2004, when Charles M. and Juliann S. Chambers (herein Chambers) executed a contract to buy the resort from Franklin National Bank (now Equity Bank, SSB),*fn1 Chambers did not know either that there were problems with the septic system or that the Bank knew of those problems. Disputed issues at trial and on appeal involve when Chambers learned of the septic system problems and of the Bank’s knowledge of those problems,*fn2 whether Chambers proceeded with the purchase of the resort*fn3 with such knowledge, and what effect those developments have on Chambers’ fraud claim against the Bank arising from the sale.

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