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Blackerby v. Monarch Equipment

May 1, 1953

BLACKERBY ET AL.
v.
MONARCH EQUIPMENT



Moremen

MOREMEN, Justice. Appellants, W. F. Blackerby and Tillie M. Blackerby, are married. Appellant, Margaret Molloy Blackerby, is their daughter. On May 7, 1943, they conveyed to her property which is known in the record as 229 McDowell Road. By judgment of the circuit court this transfer was held to be without consideration and, therefore, void insofar as it attempted to defeat a lien obtained by the appellee, Monarch Equipment, a corporation, as the result of the levy on July 17, 1937, of an execution upon this same property. Appellants are dissatisfied with the judgment.

Before appellants' detailed criticisms are stated, a chronicle of the events which culminated in the judgment is required.

April 3, 1926 -- Mrs. Blackerby acquired title to property at 229 McDowell Road.

May 25, 1930 -- Mr. and Mrs. Blackerby executed a note in the principal sum of $2,500 to Monarch Equipment, a corporation, as payee.

August 23, 1930 -- Mr. and Mrs. Blackerby conveyed to Theresa M. Moore their property at 229 McDowell Road. The recited consideration was $1,000 and assumption of a mortgage in favor of the Prudential Insurance Co.; and, further, the assumption of two other mortgages. On this same day was recorded a bill of sale from the Blackerbys to Austin Moore for a quantity of furniture and household goods situated in the house for the recited consideration of $1,000. (Appellants, Mr. and Mrs. Blackerby, retained possession of this property.)

September 25, 1930 -- Monarch Equipment filed suit on the note in the Fayette Circuit Court.

January 10, 1931 -- Theresa Moore refinanced the property and executed a note to Prudential Insurance Co. for $7,500 and a note to Commercial Acceptance Corporation for $1,200.

April 25, 1931 -- Monarch Equipment obtained judgment against W. F. Blackerby.

July 11, 1931 -- Monarch Equipment obtained judgment against Tillie Blackerby.

August 31, 1934 -- Theresa M. Moore reconveyed property to Tillie Blackerby for this recited consideration: 'That the party of the first part for and in consideration of the full payment by party of the second part on July 17th, 1932 of a promissory note, dated and delivered to first party, May 12th, 1930 for the principal sum of $1,600.00 loaned to party of the second part * * *, and the further agreement by second party to assume the full payment of the unpaid balance of two certain mortgages secured by the property herein conveyed viz.: One mortgage for the principal sum of $7,500.00 in favor of the Prudential Insurance Company of America, * * *, and one mortgage for the principal sum of $1,200.00 in favor of the Commercial Acceptance Corporation of Lexington, Kentucky * * *.'

July 6, 1937 -- Monarch Equipment Co. caused execution to be issued commanding the sheriff to cause the estates of Mr. and Mrs. Blackerby to satisfy the judgment.

July 12, 1937 -- Levy was made on the property at 229 McDowell Road.

August 1940 -- The corporate existence of Monarch Equipment was dissolved in accordance with statutes then in effect.

May 5, 1943 -- The deed from Theresa Moore to Tillie M. Blackerby, executed August 31, 1934, was ...


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