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Estate of Callaway v. Garner

Prejudgment interest under O.C.G.A. § 13-6-13 is not available on a judgment granting relief only in the form of specific performance.

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We granted certiorari to determine whether OCGA § 13-6-13 authorizes the award of prejudgment interest on a judgment granting relief only in the form of specific performance. For the reasons set forth below, we answer this question in the negative. We therefore reverse the judgment below to the extent it awarded prejudgment interest under OCGA § 13-6-13, but we also remand for a determination as to whether prejudgment interest may nonetheless be awarded in this case under OCGA § 7-4-15.

Appellees Larry Garner, Sr. and Larry Garner, Jr. were minority shareholders in the Callaway Blue Springs Water Company CBSW, a closely held corporation formed in 2001 by the Garners and majority shareholder Cason Callaway, Jr. In 2007, the Garners sued Callaway1 and his son and attorney-in-fact, Kenneth Callaway, for specific performance of an oral stock purchase agreement. The Garners alleged that the Callaways had reneged on an oral contract under which Cason Callaway, Jr. had agreed to purchase the Garners’ 7,500 shares of CBSW stock. Following a bench trial, the trial court entered a detailed final order directing Callaway’s estate to perform under the agreement by purchasing the stock at the agreed price of $160 per share, for a total purchase price of $1.2 million. The trial court also awarded prejudgment interest pursuant to OCGA § 13-6-13 on the $1.2 million purchase price, running from the date of breach through the date of judgment, totaling $462,000. On appeal, the Court of Appeals affirmed both the grant of specific performance and the award of prejudgment interest. Callaway v. Garner, 327 Ga. App. 67 755 SE2d 526 2014.

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