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Bagwell v. Trammel

The trial court did not abuse its broad discretion in granting the plaintiff's claims for an equitable partition of real property jointly owned by the parties and an equitable accounting and dissolution of their joint venture.

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Following a bench trial in this action arising out of a joint venture contract between appellant Thomas Bagwell and appellees Bobby and Oretta Trammel the Trammels, the trial court denied Bagwell’s claim for specific performance of the contract but granted his claims for an equitable partition of real property jointly owned by the parties and dissolution of the joint venture. Bagwell challenges the trial court’s final order on several grounds, and for the reasons that follow, we affirm.

The record shows that in January 2000, Bagwell and the Trammels entered into a Joint Venture Agreement the Agreement, which created an entity known as Etowah Ventures. As part of the Agreement, Bagwell agreed to cancel notes to him that were owed or guaranteed by the Trammels and valued in excess of $1,875,000. In exchange, the Trammels conveyed to Bagwell a one-half undivided interest in approximately 103 acres of real estate to be held as joint tenants in common. The Agreement further provided that legal title to the joint venture property would be held by either or both of the Trammels in trust for the benefit of Etowah Ventures and that upon the sale of the joint venture property, Bagwell would be entitled to be paid the original principal amounts of the cancelled notes, as well as the interest that already had accrued and interest that would have accrued under the cancelled notes. Any additional proceeds were to be evenly divided between Bagwell and the Trammels.

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