Edwin Miller Invs. v. CGP Dev. Co., Inc.

Edwin Miller Investments, LLC ("EMI") owned twelve acres of real estate used to secure a loan from BCBank, which assigned the note and deed of trust to CGP Development Co. ("CGP"). The State became the legal owner of eight acres of EMI's property after it paid $241,000 into court following a condemnation action. EMI defaulted on its loan, and CGP purchased the remaining four acres at a foreclosure sale. The circuit court ordered release of the $241,000 paid into court to CGP in partial satisfaction of CGP's lien. EMI and CGP disagreed as to which party was entitled to additional proceeds paid as damages to the four-acre residue as well as additional sums resulting from the condemnation of the eight acres. The circuit court concluded that CGP was entitled to all of the condemnation proceeds and dismissed EMI from the condemnation proceeding. The Supreme Court (1) affirmed the circuit court's finding that CGP was entitled to all sums awarded for damage to the four-acre residue purchase by CGP; but (2) reversed the circuit court's finding that CPG was entitled to any additional sums resulting from the condemnation of the eight-acre tract and the court's dismissal of EMI from the condemnation proceedings. Remanded.View "Edwin Miller Invs. v. CGP Dev. Co., Inc." on Justia Law