The problem may not be as it appears! But this is what it looks like to me.
I once was asked to look at an ornamental crab that was showing similar symptoms of some disease. The tree was located near the sidewalk of a residental street and showed similar wet lesions approximately 1-2 feet above the soil line. Emitting a foul odour and isolated in moreless one location.
I predicted that a neighborhood dog made a daily visit to the tree and used it as a marker for its territory. The uric acid in the dog's urine was causing the decomposition of the bark tissue and as a result it appeared much like wet wood of an elm. I had the home-owner watch for a dog doing its daily rounds.............and sure enough it visited every morning. A little black pepper applied every so often, hindered the visitation rights of the dog!