Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

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.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Go to Events Go to Webcasts
Client Services/Hospitality Representative - Florida Office

CLIENT SERVICES/Hospitality REPRESENTATIVE-FLORIDA OFFICE Prominent mid-Atlantic law firm with multiple regional office locations seeks a f...


Apply Now ›
Legal Practice Assistant - Florida Office

Prominent mid-Atlantic law firm with multiple regional office locations seeks a legal practice assistant (LPA) for our Boca Raton, FL. Offic...


Apply Now ›
Litigation Associate - Philadelphia, PA

Description: Fox Rothschild has an opening in the Philadelphia, PA office for a litigation associate. The ideal candidate will have two to t...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Blume Forte Fried Zerres & Molinari
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements