WPCD [BlI= " 585}h+g&[ [*Q~O),~8dȬsJ= "Ǟ$s'O YTNbu}D,ۭ QCsnl.^:ZgVӞ`k^KP,)h|PgQ (QoQg.1ֱӥ2-6M-a$LUg.}Q ,۩(Z!.! Tˊyfkvr!8WC+޺"C,嫏|e\ GQ]y&MP_3]o.84P0${[> )S6ѐS@d~:˄i#`ֲh`0ϵ:DY\ۼ KDҗ E&0e9n@V/:Y=SL q|f,|3:zbb#\ 0 D %a 0g U!N ^ = zI  w 4     J  mNeEJ:LgaDt,"&& 0U7) 0) 0o* 04+ 0+ 0, 0_- 0 . 0. 0T/ 00 00b1 01 0R2 02 03 054 04 0W5 06 06 07 0A8 088 09 0: 0:7;7;7;)>)>)>)>)>)>)>)>)>)>)>)>)>)>)>)> 0???? B@@ 0@ D3A D-A 0KAA AS@BB 0YC 0DC AADHP LaserJet 4050 Series PCL 6,,,,0(#$  0  (`$.8dd8    ("  Z6Times New Roman Regularp4-s  C:\PROGRA~1\COREL\WORDPE~1\TEMPLATE\CUSTOM~1\REVISE~1.WPTC:\Program Files\Corel\WordPerfect Office 2000\Template\Custom WP Templates\revised standard opinion.wpt,-' (%1!cb3|xLevel 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5U R$      2    _Mr.CherryarrangedthefinancingandsawtoitthatneitherhenorMr.Walkersignedanoteordeedoftrust. [ R$      4    _Thiscourtlaterdeterminedthattheamountofpunitivedamagesawardedbythetrialcourtwasinadequateand 8 increasedthejudgmentagainstMr.Cherryto$150,000.Pridemorev.Cherry,903S.W.2d705,709(Tenn.Ct.App.  1995).Mr.Cherrylaterfiledanunsuccessfulmalpracticeactionagainstthelawyerswhorepresentedhiminthat  proceeding.Cherryv.Williams,36S.W.3d78(Tenn.Ct.App.2000). 0 R$      5    _ThegeneralpartnerofPrismPartners,L.P.isPrismManagement,Inc.,acorporationownedbyMessrs. 8 CherrysandWalkerscertifiedpublicaccountant.  R$      3    _MoneyManagementInvestmentIexecutedtwopromissorynotesaspartofthistransaction.Thefirstnotefor 8 $123,891.70toMoneyManagementMortgageAccountX C ׀wasfortheunpaidpurchasepriceofthecondominium.The  secondnotefor$23,900toDonCracewasforthebalanceofthefundsusedtopurchasethecondominiumsfurniture. R $      2  z   _MoneyManagementMortgageAccountwasthepartofMoneyManagementIIIthatwasusedformortgage  loans.  R$      6    _TennesseesversionoftheUniformPartnershipActof1914,Tenn.CodeAnn.611101,142(1989),was 8 repealedeffectiveJanuary1,2002bytheTennesseeGeneralAssemblysenactmentoftheUniformPartnershipActof  1997.ActofMay29,2001,ch._353,2001Tenn.Pub.Acts775(codifiedatTenn.CodeAnn.611101,1208(Supp.  2001)).Tenn.CodeAnn.611204(a)(1)(Supp.2001)statesthatpropertyispartnershippropertyifitisacquiredin L thepartnershipsname. ] R$      7    _TheTennesseeSupremeCourthascharacterizedthepartnershipsinterestasa secrettrustinfavorofthe 8 partnership.Killebrewv.Ray,181Tenn.333,339,181S.W.2d334,337(1944).  R$      8    _Tenn.CodeAnn.611204(d)(Supp.2001)statesthat [p]ropertyacquiredinthenameofone(1)ormore 8 ofthepartners,withoutanindicationintheinstrumenttransferringtitletothepropertyofthepersonscapacityasa  partneroroftheexistenceofapartnershipandwithoutuseofpartnershipassets,ispresumedtobeseparateproperty,  evenifusedforpartnershippurposes.Theeffectofthisprovisionistocreatearebuttablepresumptionthatonlythe L useoftheproperty,notthepropertyitself,wascontributedtothepartnership.UniformPartnershipAct(1997)204 H cmt.3,6[PartI]U.L.A.98(2001)( UniformPartnershipAct(1997)). W R$      9    _Thecourtsmustconsiderothermatterswhentherightsofthirdpartieswillbeaffectedbyadecisionregarding 8 theownershipofproperty.SeeTenn.CodeAnn.611302(b)(Supp.2001). : R$      10    _SeealsoNorrisv.Norris,No.03A019403CH00101,1994WL529405,at*7(Tenn.Ct.App.Sept.15, 8 1994)(NoTenn.R.App.P.11applicationfiled);FirstNatlBankv.TennesseeConsol.CoalCo.,No.01A019208CV  00326,1993WL241289,at*3(Tenn.Ct.App.July2,1993)(NoTenn.R.App.P.11applicationfiled);Uniform  PartnershipAct(1997)204,cmt.3. j R$      11    _Aresultingtrustisajudgemadevehiclethatenablesthecourtstoreachaninterestinpropertybelongingto 8 onepersonbuttitledinanother.Wellsv.Wells,556S.W.2d769,771(Tenn.Ct.App.1977).Itsprincipalpurposeis  topreventunjustenrichment.Greenv.Hooton,624S.W.2d898,902(Tenn.Ct.App.1981).Thecourtswillimpose  aresultingtrustwhenapersonacquiresalegalestateinpropertyundercircumstancesindicatingthatthebeneficial L interestinthepropertydoesnotaccompanythetitle.WilliamH.Inman,GibsonsSuitsInChancery382(7thed. H 1988).Inotherwords,aresultingtrustariseswhen onepersonbecomesinvestedwithalegaltitlebutisobligatedin   equitytoholdhislegaltitleforthebenefitofanother.InreEstateofNichols,856S.W.2d397,401(Tenn.1993).    R$      1    __TheCourtofAppealsmayaffirmajudgmentondifferentgroundsthanthosereliedonbythetrialcourtwhen 8 thetrialcourtreachedthecorrectresult.Continental_Cas_.Co.v.Smith,720S.W.2d48,50(Tenn.1986);Allenv.  NationalBankofNewport,839S.W.2d763,765(Tenn.Ct.App.1992);Clarkv.Metropolitan_Govt_,827S.W.2d312,  317(Tenn.Ct.App.1991).*+ (_2623  ..*G+G (_25   /%` ` hp x /23  ../%` ` hp x /   *8+8 (_24  ," hp x ,23  ..," hp x ,  *5+5 (_23 ` ) hp x )23  ..) hp x ) ` *2+2 (_22  &hhp x &23  ..&hhp x &  */+/ (_21  #p x #23  ..#p x #  *,+, (_20 h  p x 23  .. p x h *)+) (_19  pp x 23  ..pp x   *&+& (_18   x 23  .. x   *AA (_17  5+ ` hp x 523  Ԁ5+ ` hp x 5  *GG (_16   /%` ` hp x /23  Ԁ/%` ` hp x /   *88 (_15  ," hp x ,23  Ԁ," hp x ,  - -*55 (_14 ` ) hp x )23  Ԁ) hp x ) ` *22 (_13  &hhp x &23  Ԁ&hhp x &  *// (_12  #p x #23  Ԁ#p x #  *,, (_11 h  p x 23  Ԁ p x h *)) (_10  pp x 23  Ԁpp x   (&& &_9   x 23  Ԁ x   (AA &_8  5+ ` hp x 523  5+ ` hp x 5  (GG &_7   /%` ` hp x /23  /%` ` hp x /   (88 &_6  ," hp x ,23  ," hp x ,  (55 &_5 ` ) hp x )23  ) hp x ) ` (22 &_4  &hhp x &23  &hhp x &  (// &_3  #p x #23  #p x #  (,, &_2 h  p x 23   p x h ()) &_1  pp x 23  pp x   &&& $_   x 23   x    LECKRONEHobbs COAescrowedestoppedCantrell P.J.CorbettPridemoreinterpleadedMagnani B.R.BankrWosekGrissumReesmanWilenFoustrebuttableBoyersB.A.P.LoringSealyStandringCroweSchmiller CudeKillebrewAssocsOmohundroHoffnerSheerinWingoBrowder HiteNicholsWardellL.S.W.Crace  R$      12    _AsreflectedinArticleIIofthepartnershipagreement,thepurposeofthepartnershipwas [t]oengageinthe 8 generalbusinessofowningorinvestinginrealorpersonal...propertyofeverydescription,andtomanage,administer.  developorimprovethesame.(|G2$ !.8Ydd8         0   d(|3$ !.8Ydd8     VVVV'dxd)!dxdx( $ Figure  1  ^_X`YE<<CLevel 1Level 2Level 3Level 4Level 5(|3$ !.8Ydd8     ($$   1  X[Z&OLE 2.0 Box <=8C HKKKK !.8Ydd8     _8  81XXdd8  @ FINTHECOURTOFAPPEALSOFTENNESSEE 8 @kk$ATNASHVILLE#YF #Ԉ ^&   September2,1999Session L X1XY #YXX1#JAMESD.LECKRONE_v._ԀJAMESD.WALKER,etal.X1XY  J #YXX1#X1XY@@ AppealfromtheChanceryCourtforDavidsonCounty  J @@No.963056IIIEllenHobbsLyle,Chancellor n 6 @@*AV) ` dE<E ` A F   @@TTNo.M199800974COAR3CV_ԄFiledApril30,_2002__ A  AV) ` dE<` A      Thisappeal_arises_ԀfromadisputeovertheproceedsfromthesaleofaFloridacondominiumunit   onceownedbyaTennesseepartnershipbuttitledinthenameoftwoofitspartners.Whenthe   successortothepartnershipsinterestintheunitundertooktosellit,oneoftheownersofrecord  agreedtosignthedeedonlyiftheproceedswereplacedinescrowwhilethepartiesattemptedto  resolvehisclaimtoonehalfofthefunds.Whenthepartiesfailedtoagreeonadistributionofthe  proceeds,theescrowholderfiledaninterpleaderactionintheChanceryCourtforDavidsonCounty. x Followingabenchtrial,thetrialcourtawardedtheescrowedproceedstothepartnershipssuccessor d afterdeterminingthattheownerofrecordwasestoppedtoinvokethestatuteoffraudstodefeatthe P successorsclaim.Wehavedeterminedthatthetrialcourtreachedthecorrectresultbecausethe t< ownerofrecordnolongerpossessedabeneficialinterestintheunit.Accordingly,weaffirmthe `( judgment._  #  1      _Ԁ L  Tenn.R.App.P.3AppealasofRight;JudgmentoftheChanceryCourtAffirmed  $   WilliamC.Koch,Jr.,J.,deliveredtheopinionofthecourt,inwhichBenH.Cantrell,P.J.,M.S.,  andWilliamB.Cain,J.,joined.  JohnR.Jacobson,Nashville,Tennessee,fortheappellant,JamesD.Walker.    W.LeeCorbettandDavidF.Lewis,Nashville,Tennessee,fortheappellee,PrismPartners,L.P. "`"   OPINION  p$8 $  I.  H&"&     JamesD.Walkerisaselfemployedemployee_benefits_Ԁconsultant.Sometimeinthelate  (#( 1970s,hestruckupafriendshipwithLarryCherrywhoheldhimselfoutasacertifiedfinancial  )$) planner.Messrs.WalkerandCherrybecamefastfriends,andbytheearly1980s,Mr.Walkerhad )%* __becomeoneofMr.Cherrysclients.AccordingtoMr.Walker,hegaveMr.Cherryvirtuallyfree 8 reigntomanagehisassetswithessentiallynosupervisionoraccountability. $   In1984,Mr.CherryinvitedMr.WalkertoaccompanyhimtoPanamaCity,Floridatoinspect  acondominiumunitattheDunesofPanamathatoneofMr.Cherrysclientswasconsideringasan  investment.Afterlisteningtothesalespitch,Messrs.CherryandWalkerdecidedtopurchaseaunit  forthemselves.Laterin1984,theymadeatenpercentdownpaymentona$137,000unitthatwas   underconstruction.InApril1985,Messrs.CherryandWalkerclosedontheirunitandhadthetitle  t placedintheirnamesasjointtenants.Severaldaysaftertheclosingtheypurchasedfurnishingsfor  ` thecondominium.Thefundsusedforthedownpayment,thepurchase,andthefurnishingscame  L  fromMoneyManagementIII,a looseinvestmentpoolcontainingfundsentrustedtoMr.Cherry p 8  byotherclients,andfromoneofMr.Cherrysotherclients. #  2      ׀Thereislittledisagreementthatthe \$  condominiumwas,inMr.Cherryswords, highlyleveraged. H    In1986,whentherentalincomefromthecondominiumdidnotmeetexpectations,Mr.    CherrysuggestedtoMr.Walkerthattheyshould putthecondominiumintoanexistingpartnership    calledMoneyManagementInvestmentI.Mr.Cherryspurposewastospreadtheriskofthe  condominiuminvestmentandtoprovideataxshelterfortwooftheotherpartnersinMoney  ManagementInvestmentI.Mr.WalkeragreedwithMr.Cherrysproposal,butneitherMr.Cherry  norMr.WalkerexecutedadeedconveyingthecondominiumunittoMoneyManagementInvestment  I.InreturnfortransferringhisinterestintheunittoMoneyManagementInvestmentI,Mr.Walker p received:(1)atwentypercentinterestintheMoneyManagementInvestmentIpartnership,(2)a \ checkforthecostshehadincurredinconnectionwiththecondominium,and(3)Money H ManagementInvestmentIsassumptionoftheremainingcondominiumrelateddebts.T #  3       l4   Mr.Walkerneveragaintreatedthecondominiumasifitbelongedtohimpersonally.Money D  ManagementInvestmentItookovermanagingtheproperty,paidtheoperatingexpenses,and 0 collectedtherentalincome.WhileMr.WalkerincludedhisinterestintheMoneyManagement  InvestmentIpartnershipasanassetonhisfinancialstatements,hedidnotincludethecondominium  unititselfasanasset.Atthesametime,hereceivedperiodicstatementsfromMoneyManagement  InvestmentIandcopiesofthepartnershipstaxreturnsinwhichthecondominiumunitwas  identifiedasapartnershipasset.Mr.Walkerneverquestionedthesedocuments,and,whenheorhis   familyusedthecondominium,hepaidrenttoMr.CherrywhowasmanagingMoneyManagement !  InvestmentIsaffairs. "l!   #X"   Mr.Cherrysfinancialhouseofcardsbegantocrumblein1993whenoneofhisclients 8 obtaineda$75,000judgmentagainsthim. #  4      ׀Inanefforttoshieldhisassets,Mr.Cherrydecidedto $  shifttheownershipofthecondominiumunit.Accordingly,inMarch1993MoneyManagementIII  purchasedtheunitfromMoneyManagementInvestmentIfor$110,000incash.Justasin1986,  thereisnowrittencontractordeedofconveyancetomemorializethistransaction.Money  ManagementIII,apparentlywithMr.Cherrysassistance,continuedtomanagetheDunes  condominiumproperty.InOctober1995,MoneyManagementIIIwas formalizedintoPrism   Partners,L.P.,alimitedpartnershipmadeupoffifteenoftheindividualinvestorswhohad  t contributedfundstoMoneyManagementIII. #  5      ׀  `   Shortlyafteritscreation,PrismPartnersenteredintoacontracttoselltheDunes p 8  condominiumtoathirdpartyfor$133,000.Whenitwasdiscoveredthatthetitletothepropertywas \$  stilltheMessrs.CherrysandWalkersnames,PrismPartnersaskedthemtoexecutethenecessary H  deedstoaccomplishthesale.Mr.WalkerdeclinedbecausePrismPartnerswouldnotagreetoshare 4  theproceedsofthesalewithhim.However,becausethebuyerinsistedthatthesalebecompleted    beforetheendof1995,Mr.Walkeragreedtosignthedeedandtopermitthesaletobecompleted    inreturnforPrismPartnerssagreementtoplacetheproceedsofthesaleinescrowpendingthe  resolutionoftheirdisagreement.    OnDecember29,1995,PrismPartnersplacedapproximately$121,660withJamesD.  Leckrone.Later,approximately$1,395inreimbursedFloridapropertytaxpaymentswasaddedto p theoriginalamount.WhenitbecameevidentthatPrismPartnersandMr.Walkerwouldnotagree \ onthedispositionofthefunds,Mr.LeckronefiledaninterpleaderactionintheChanceryCourtfor H DavidsonCounty,tendering$125,001.77tothecourtfordisposition.Mr.Walkerinsistedthathe l4 wasentitledtoonehalfofthefundsbecauseheownedanundividedonehalfinterestintheproperty X  whenitwassoldin1995.Healsoassertedthatthestatuteoffrauds[Tenn.CodeAnn.292 D  101(a)(4)(2000)]preventedPrismPartnersfromintroducingevidencetocontradicthisrecord 0 ownershipoftheproperty.Followingabenchtrial,thetrialcourtdeterminedthatMr.Walkerwas  estoppedfromraisingthestatuteoffraudsandawardedtheinterpleadedfundstoPrismPartners.  Mr.Walkerhasperfectedthisappeal.  @) II.      Mr.Walkerssoleargumenthereisthatthetrialcourterredbyinvokingtheprincipleof "l! estoppeltopreventhimfromusingthestatuteoffraudstorebuffPrismPartnerssclaimtothe #X" escrowedproceedsfromthesaleofthecondominiumunit.Thisargument,evenifwelltaken,will |$D # notcarrythedayforMr.Walkerbecausethestatuteoffraudscannotbeusedtodefeata h%0!$ partnershipsclaimthatoneormoreofitspartnersareholdinglegaltitletopropertyforthe 8 partnershipsbenefit.Thiscasestandsorfallsonthestrengthoftheevidenceregardingthe $ beneficialownershipofthecondominiumunitafter1986.  @) A.     Partnershippropertyincludesallthepropertyoriginallybroughtintothepartnershipaswell   asanypropertysubsequentlyacquiredforthepartnership.Tenn.CodeAnn.611107(a)(1989).  t Realpropertyownedbyapartnershipmaybeheldeitherinthepartnershipsname,Tenn.CodeAnn.  ` 611107(c); #  6      ׀Brownv.Brown,45Tenn.App.78,97,320S.W.2d721,729(1958),orinthename  L  ofoneormoreofthepartners.InreMagnani,223B.R.177,182(Bankr.N.D.Iowa1997); p 8  Mathewsv.Wosek,205N.W.2d813,817(Mich.Ct.App.1973);Grissumv.Reesman,505S.W.2d \$  81,87(Mo.1974);Statev.King,460N.E.2d1143,114546(OhioCt.App.1983).Accordingly, H  therecordtitleofapieceofpropertydoesnotnecessarilyrevealwhetherthepropertybelongstothe 4  ownersofrecordortoapartnershipofwhichtheownersofrecordaremembers.Hunt&Co.v.    Benson,21Tenn.(2Hum.)459,46061(1841);seealsoWilenv.Wilen,486A.2d775,783(Md.    Ct.Spec.App.1985);Foustv.OldAm.CountyMut.FireIns.Co.,977S.W.2d783,786(Tex.App.  1998).d #  7      ׀Atmost,itgivesrisetoarebuttablepresumptionthatthepropertyisownedbytheowners  ofrecord.InrePerrysEstate,192P.2d532,536(Mont.1948). #  8          Atleastamongthepartnersthemselves,determiningwhetherpropertybelongstothe p partnershiportooneormoreofthepartnersintheirindividualcapacitiesdependsonthepartners \ intentionsandunderstandings.  #  9      ׀Boyersv.Elliott,26Tenn.(7Hum.)204,207(1846)(decidingthe H statusofpropertyusingdocumentsandevidencetodeterminetheintentoftheparties);Youngv. l4  Cooper,30Tenn.App.55,67,203S.W.2d376,382(1947);Jenkinsv.Harris,19Tenn.App.113, X  121,83S.W.2d562,56667(1935). #  10      ׀Usingpartnershipfundstopurchasethepropertyisnotthe 8  onlybasisuponwhichthesedecisionsaremade.InreFairOaks,Ltd.,168B.R.397,402(B.A.P. $ 9thCir.1994);Kingv.Evans,791S.W.2d531,533(Tex.App.1990).Thecourtsregularlyderive  thepartnersintentionsandunderstandingsbyconsidering:(1)thepartiesstatements,conduct,and  writingswhenthepropertywasacquired,(2)thepartiescourseofconductaftertheacquisitionof  theproperty,(3)theuseofthepropertyinthepartnershipbusiness,(4)thetermsofthepartnership  agreement,(5)thelistingofthepropertyasanassetonthepartnershipbooksandtaxreturns,(6)the   attributionofprofitsorlossesfromthepropertytothepartnership,and(7)theuseofpartnership  t fundstomaintaintheproperty.Davisv.Loring,No.01A019004CV00149,1991WL32311,at  ` *2(Tenn.Ct.App.Mar.13,1991)(NoTenn.R.App.P.11applicationfiled)(quotingInreFulton,  L  43B.R.273,275(Bankr.M.D.Tenn.1984))(derivingthepartiesintentionfromthefactsand p 8  circumstancessurroundingthepurchaseandtheparties'conductafterthepurchase);seealsoInre \$  SealyBros.,158B.R.801,804(Bankr.W.D.Mo.1993);Standringv.Standring,794P.2d1089, H  1091(Colo.Ct.App.1990);Crowev.Smith,603So.2d301,305(Miss.1992);Thomasv.Lloyd, 4  17S.W.3d177,183(Mo.Ct.App.2000);Lutzv.Schmillen,899P.2d861,864(Wyo.1995).      Individualpartnershaveafiduciaryrelationshipwiththeotherpartnersandwiththe  partnershipitself.Cudev.Couch,588S.W.2d554,555(Tenn.1979);Killebrewv.Ray,181Tenn.  at337,181S.W.2dat336.Thus,whenpropertyisacquiredforpartnershippurposesbutisheldin  thenameofoneormoreofthepartners,equityrecognizestheexistenceofaresultingtrust #  11      ׀forthe  benefitofthepartnership.Boyersv.Elliott,26Tenn.(7Hum.)at208(holdingthattheproperty p becomes,inequity,thepropertyofthepartnershipeventhoughonepartnerretainslegaltitle);see \ alsoInreUrbanDev.Co.&Assocs.,452F.Supp.902,905(D.Md.1978);Omohundrov. H Matthews,341S.W.2d401,405(Tex.1960). l4   Resultingtrustsmaybeestablishedusingparolevidence.Huntv.Hunt,169Tenn.1,9,80 D  S.W.2d666,669(1935);Hoffnerv.Hoffner,32Tenn.App.98,103,221S.W.2d907,909(1949). 0 Thus,neitherthelackofawrittenconveyancenorthestatuteoffraudswilldefeatapartnerships  claimthatoneormoreofitspartnersisholdinglegaltitletopropertyforthepartnershipsbenefit.  Kingv.Evans,791S.W.2dat532(lackofawrittenconveyance);#YXX1#X1XYDavisv.Sheerin,754S.W.2d375,  386(Tex.App.1988)(statuteoffrauds).     @) B.  8   Wenowapplytheseprinciplestotheevidenceoftheacquisition,ownership,anduseofthe  Dunescondominiumunit.Inexaminingevidence,wemustbemindfulthatdeterminingwhether  propertybeingheldinthenameofoneormoreofthepartnersispartnershippropertyisaquestion  offact.InreWingo,89B.R.54,57(B.A.P.9thCir.1988);Mathewsv.Wosek,205N.W.2dat817.  However,becausethepartnershipsclaimhingesontheimpositionofaresultingtrust,the   partnershipmustproveitsclaimbymorethanapreponderanceoftheevidence.Browderv.Hite,  t 602S.W.2d489,493(Tenn.Ct.App.1980).Towarranttheimpositionofaresultingtrust,theparty  ` seekingtoimposethetrustonalegalinterestinpropertymustestablishthegroundsforthetrustby  L  clearandconvincingevidence.InreEstateofNichols,856S.W.2dat401;InreEstateofWardell, p 8  674S.W.2d293,295(Tenn.Ct.App.1983). \$    Becausetheheightenedburdenofproofrequiredtoimposearesultingtrustdiffersfromthe 4  customaryburdenofproofincivilcases,wemustadaptthecustomarystandardinTenn.R.App.    P.13(d)forreviewingfindingsoffact.Incasesrequiringproofbyclearandconvincingevidence,    wewillfirstreviewthetrialcourtsfindingsoffactdenovoinaccordancewithTenn.R.App.P.  13(d).Thus,eachofthetrialcourtsfindingsoffactwillbepresumedtobecorrectunlessthe  evidencepreponderatesotherwise.Then,wewilldeterminewhetherthefacts,eitherasfoundbythe  trialcourtorassupportedbythepreponderanceoftheevidence,clearlyandconvincinglyestablish  thegroundsforimposingaresultingtrustonaninterestinproperty.SeeRayv.Ray,No.M2000 p 00895COAR3CV,2001WL1173266,at*6(Tenn.Ct.App.Oct.5,2001)(Tenn.R.App.P.11 \ applicationpending);InreL.S.W.,___S.W.3d___,___,2001WL1013079,at*5(Tenn.Ct.App. H 2001)#YXX12E#X1XYԀ(bothapplyingthehybrid,twostepstandardofreviewtoanissuerequiringproofbyclearand l4 convincingevidence). X    TherecanbenodisputethatMessrs.CherryandWalkerpurchasedtheDunescondominium 0 unitin1995withtheintentiontoholditastenantsincommonfortheuseoftheirfamiliesandfor  theirownfinancialgain.However,theevidenceshowsclearlyandconvincinglythatinearly1986,  Messrs.CherryandWalkertransferredbeneficialownershipoftheunittotheMoneyManagement  InvestmentIpartnership.Inreturn,theyreceived(1)atwentypercentinterestinthepartnership,(2)  relieffrompossiblefutureliabilityforthemoneyborrowedtopurchaseandfurnishtheunit,and(3)   acashpaymenttoreimbursethemfortheircondominiumrelatedexpensesbetween1985and1986. !  Fromandafter1986,Mr.Walker,Mr.Cherry,andtheMoneyManagementInvestmentIpartnership "l! treatedtheunitasifitbelongedtoMoneyManagementInvestmentI.Mr.Walkerpaidrentwhen #X" heormembersofhisfamilyusedtheunit.Mr.Walkerdidnotlistthepropertyasanassetonany |$D # ofhisfinancialdocumentsortaxreturns.Mr.WalkerdidnotobjectwhenMoneyManagement h%0!$ InvestmentIlistedthepropertyasanassetonitsbooksandtaxreturns.Finally,in1993,Mr.Walker T&"% didnotinsistonreceivingaportionoftheproceedswhenMoneyManagementInvestmentIsoldthe @'#& condominiumtoMoneyManagementIII. ,(#'   Inthesamevein,holdingandmanagingthecondominiumunitwasentirelyconsistentnot *%)  onlywiththepurposesoftheMoneyManagementInvestmentIpartnershipreflectedinthe *&* partnershipagreement,B #  12      ׀butalsowiththeevidencethattransferringtheunprofitableunittothe 8  partnershipenabledMessrs.CherryandWalkertospreadtheriskoflosstoothersandalsoenabled $ theirpartnerstotakeadvantageofthebusinesslossesfortaxpurposes.IncontrasttoMr.Walkers  actionsafter1986,alltheactionsoftheMoneyManagementInvestmentIpartnershipwere  consistentwithitsclaimofownership.Thepartnershiplistedthepropertyasanassetonitsbooks  andtaxreturns.Thepartnershipmanagedandcontrolledthepropertyandpaidtheexpenses  associatedwiththeproperty.Finally,thepartnershipsoldthepropertytoMoneyManagementIII   in1993.Theonlyconclusionthatcanbedrawnfromthesefactsisthatasof1986,theMoney  t ManagementInvestmentIpartnershipownedthebeneficialinterestintheDunescondominiumunit  ` eveniflegaltitleremainedwithMessrs.CherryandWalker.Accordingly,Messrs.Cherryand  L  Walker,asfiduciariesofthepartnership,wereholdingthepropertysolelyforthebenefitofMoney p 8  ManagementInvestmentIanditssuccessors. \$  @) C.  4    Inlightoftheclearandconvincingevidenceregardingtheownershipofthecondominium    unitafter1986,itisunnecessarytodeterminewhetherMr.Walkerwasestoppedtoassertthestatute  offraudsasadefensetoPrismPartnerssclaimtotheescrowedproceeds.Thestatuteoffrauds  couldnothavepreventedtheintroductionofparolevidencetoestablishthegroundsforimposing  aresultingtrustonthecondominiumunitforthebenefitofMoneyManagementInvestmentIand  itssuccessorsininterest.Therefore,itisentirelyunnecessarytodeterminewhetherMr.Walker p shouldhavebeenestoppedtoassertthestatuteoffraudsasadefense. \   PrismPartners,asMoneyManagementInvestmentI'ssuccessorininterest,wasnotrequired l4 topresentawrittenconveyancetoestablishitsinterestinthecondominiumunit.Itpresented X  sufficientevidencetoproveclearlyandconvincinglythatitownedthebeneficialinterestintheunit D  in1995whenitundertooktosellittoathirdparty.Accordingly,thetrialcourtcouldhave 0 circumventedthedoctrineofestoppelbyconcludingthatMr.Walkernolongerownedabeneficial  interestinthepropertyandbydirectingMr.Walkertohonorhisfiduciaryobligationbyexecuting  thedeedconveyingthepropertytoPrismPartnersspurchaser.  @^^( III.      Eventhoughwedonotconcurwiththetrialcourtsreasoning,weconcurwithitsdecision "l! toawardPrismPartnersalltheescrowedproceedsfromthesaleofthecondominiumunit. #X" Accordingly,weaffirmthejudgmentandremandthecaseforwhateverfurtherproceedingsmaybe |$D # required.WetaxthecostsofthisappealtoJamesD.Walkerandhissuretyforwhichexecution,if h%0!$ necessary,mayissue. T&"%    `     h     _____________________________ ,(#'    `     h     WILLIAMC.KOCH,JR.,JUDGE#YXX1O#