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Tafel v. Lion Antique Cars Invs. Inc.

The trial court properly declined to exercise its equitable powers to mark satisfied a judgment that the plaintiff had obtained against the defendant in a long-standing dispute arising from a race car loan agreement.

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This appeal and cross-appeal involve a longstanding financial dispute between appellant and cross-appellee, Jim Tafel, and appellee and cross-appellant, Lion Antique Cars Investments, Inc., involving two Ferrari race cars. In the main appeal, Tafel contends, among other things, that the trial court erred in declining to exercise its equitable powers to mark satisfied a judgment that Lion Antique had obtained against him. In the cross-appeal, Lion Antique argues that the trial court erred in valuing the race cars for purposes of offsetting a part of the judgment that it had obtained against Tafel. For the reasons that follow, we affirm.1

1. This controversy stems from a December 2007 “Race Car Loan Agreement,” in which Lion Antique agreed to purchase two Ferrari F430 GT race cars and loan them to Tafel for him to race. The agreement provided that Lion Antique would hold title to the race cars; that at the end of the 2008 season, Tafel either had to purchase the race cars or sell them to a third-party; and that the proceeds from any sale would go to Lion Antique, with Tafel being responsible for paying Lion Antique for any difference between the sales price and the original purchase price of the cars.

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