Gary Atchley v. Tennessee Credit, LLC

This appeal arises from the chancery court’s decision to rescind a transaction for the sale of property. Purchaser gave Seller a check for $18,000 to buy a piece of property. Purchaser later sent a letter to the Seller attempting to rescind the transaction when he discovered Seller did not have title to the property it attempted to sell. Thereafter, Seller came into possession of the deed to the property and attempted to convey it to Purchaser. Purchaser filed suit in chancery court to rescind the transaction. The trial court held the transaction should be rescinded and the purchase price returned to the Purchaser because the Seller did not own the property at the time of the transaction. Seller appeals, asserting that Purchaser should be compelled to accept the after-acquired-title to the property or, alternatively, that it was entitled to specific performance. We have reviewed the record and the relevant legal principles and have determined that the trial court did not err in rescinding the transaction. The trial court’s judgment is affirmed.