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THE PEOPLES BANK AND TRUST COMPANY AND BANK OF MISSISSIPPI v. L & T DEVELOPERS

AUGUST 17, 1983

THE PEOPLES BANK AND TRUST COMPANY AND BANK OF MISSISSIPPI
v.
L & T DEVELOPERS, INC.; JOE L. ARICK, D/B/A A & H ELECTRICAL AND REFRIGERATION; AND THE WICKES CORPORATION



BEFORE PATTERSON, C.J., ROY NOBLE LEE AND ROBERTSON, JJ.

ON MOTION FOR ASSESSMENT OF STATUTORY DAMAGES

ROBERTSON, JUSTICE, FOR THE COURT:

I.

 On April 12, 1982, the Chancery Court of Clay County, Mississippi, rendered a final decree the net effect of which was the recognition of perfected liens or security interests in and to one or more of three tracts of land in Clay County, the priorities and amounts of which are as follows:

 TRACT NO. I

 (1) (a) Joe L. Arick, d/b/a A & H Electrical and Refrigeration $ 3,200.00

 (b) The Wickes Corporation $ 5,030.89 (2) L & T Developers, Inc. $ 8,000.00 (3) Bank of Mississippi $32,000.00

 TRACT NO. II

 (1) The Wickes Corporation $ 2,387.77 (2) L & T Developers, Inc. $ 8,000.00 (3) Peoples Bank & Trust Company $31,845.00

 TRACT NO. III

 (1) L & T Developers, Inc. $ 8,000.00 (2) Peoples Bank and Trust Company $31,605.00

 The Chancery Court's final decree further provided, inter alia, as follows:

 That Peoples Bank & Trust Company and Bank of Mississippi are granted the option to within thirty (30) days of the date of this decree, to pay said prior liens and all costs herein. That if said option is not exercised, said tracts shall be sold by judicial sales in accordance with the statutes in that regard made, and the proceeds of said sales shall be applied first to the payment of all court costs and then in accordance with the hereinabove ordered priority of liens.

 The Chancery Court's decree may fairly be regarded as "a judgment or decree for the sale of property, or some interest in it, to satisfy a sum out of the proceeds of sale, or to enforce or establish a lien or charge or claim upon or some interest in property" within the meaning of Miss. Code Ann. 11-3-23 (Supp. 1982).

 On June 1, 1983, the Court released its opinion affirming the decree of the Chancery Court. Peoples Bank and Trust Company, et al., v. L & T. Developers, Inc., et al., ___ So. 2d ___ (Miss. 1983) (not yet reported).

 II.

 L & T Developers, Inc., one of the Appellees herein and also a Cross-Appellant, has now filed a Motion to Correct Judgment by Assessment of Statutory Damages. *fn1 In effect, L & T's motion seeks the addition of 15 percent to the amount of its liens recognized in the final decree of the Chancery Court of Clay County, L & T relies upon rights claimed under the Mississippi mandatory damages statute, Miss. Code Ann. 11-3-23 (Supp. 1982). *fn2

 The decree of the Chancery Court, affirmed here, recognizes a perfected security interest or lien in L & T Developers, Inc. (a) in the amount of $8,000 against Tract No. I, (b) in the ...


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