Summary
The Oklahoma Supreme Court considers whether claims by Verbon Smith against the Baptist Foundation of Oklahoma and the Baptist General Convention were time-barred or barred by acquiescence and laches, and whether lost insurance premiums were recoverable as consequential damages. The court holds that claims concerning pooled investment strategies predating January 1, 1995, are barred by acquiescence, but material fact questions preclude summary judgment on claims involving losses from the sale of mineral interests. It also holds that the record does not support recovery of lost insurance premiums as consequential damages, and remands the case after affirming in part and reversing in part.
Holdings
- A trust settlor or beneficiary who knew that pooled investments were being used and received information showing the resulting investment returns could not pursue claims concerning those investment procedures for the period during which the settlor silently acquiesced. Claims for damages relating to pooled assets and reduced trust income before January 1, 1995, were barred.
- Summary judgment was inappropriate because material factual questions existed concerning when Verbon received information that the Foundation had charged the trust for losses from the sale of mineral interests and whether the information was sufficient to disclose the alleged breach.
- Lost life-insurance premiums could not be recovered as consequential damages on the record presented because the deposition testimony supporting the alleged arrangement was not included in the record before the trial court.
Questions Presented
- Whether claims relating to investment strategies and damages predating January 1, 1995, were barred by statute of limitations, laches, or acquiescence.
- Whether factual disputes concerning notice of the Foundation's charging mineral-sale losses to the trust precluded summary judgment.
- Whether lost life-insurance premiums could be recovered as consequential damages when the evidentiary material supporting the claim was not included in the record before the trial court.
Disposition
reversed_and_remanded
Cases Cited (22)
- Smith v. Baptist Foundation of Oklahoma, 2000 OK CIV APP 119, 17 P.3d 466(followed procedurally)
- Mud Trans, Inc. v. Foster-Dickenson & Co., Inc., 1993 OK 94, 856 P.2d 282(followed)
- Kinzy v. State ex rel. Oklahoma Firefighters Pension & Retirement System, 2001 OK 24, 20 P.3d 818(followed)
- Dotson v. Rainbolt, 1995 OK 39, 894 P.2d 1109(followed)
- Canning v. Bennett, 1952 OK 191, 245 P.2d 1149(followed)
- American Nat'l Bank of Enid v. Crews, 1942 OK 182, 126 P.2d 733(followed)
- Holmes v. McKey, 1962 OK 278, 383 P.2d 655(followed)
- Chisholm v. House, 183 F.2d 698 (10th Cir. 1950)(followed)
- Digital Design Group, Inc. v. Information Builders, Inc., 2001 OK 21, 24 P.3d 834(followed)
- Samuel Roberts Noble Found., Inc. v. Vick, 1992 OK 140, 840 P.2d 619(followed)
Showing top 10 of 22.
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