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Tag Archives: promissory note

Contract – Unfair Trade Practices Claim – Commercial – Promissory Note – Banks & Banking (access required)

SunTrust Bank v. Bryant/Sutphin Properties, LLC Although defendants contended that the plaintiff-bank committed unfair practices separate from the parties’ contracts, in alleging these “separate” acts, defendants were really claiming that the bank acted outside of its authority under the contract; this is a breach of contract. Since the jury found that the bank had not breached the parties’ contracts, the trial court should not have concluded that the bank violated G.S. § 75-1.1.

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Contract – Negotiable Instruments – Promissory Note – Banks & Banking – Merger – No Judicial Notice (access required)

TD Bank, N.A. v. Mirabella Where defendant’s promissory note promises to pay Carolina First Bank or Carolina First Bank’s order, and where the only evidence that plaintiff is entitled to collect on the note is in several merger documents which were only provided in the appendix of plaintiff’s appellate brief, there is a genuine issue of material fact as to whether plaintiff is entitled to collect on defendant’s note.

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Contract – Promissory Note — Banks & Banking – Real Property – Laches — Environmental Degradation – Principal Payments (access required)

Carolina First Bank v. Stambaugh Even though the plaintiff-bank instituted foreclosure proceedings on defendants’ property, it remained defendants’ responsibility to provide erosion control on the property. No delay by the bank injured defendants; therefore, the equitable doctrine of laches is inapplicable. The bank’s motion for summary judgment is granted.

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Bankruptcy – Negotiable Instruments – Promissory Note – Indorsed in Blank – Real Property – Mortgages – Automatic Stay (access required)

In re Robinson Where the debtor’s promissory note has been indorsed in blank, and where Residential Credit Solutions (RCS) entered the original promissory note with the blank indorsement into the evidence, RCS is the holder of the note because it is in possession of the original note indorsed in blank. Since RCS has agreed to accept the debtor’s proposed payment plan, RCS’s motion for relief from the automatic stay is denied.

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Contract – Promissory Note – Subordination Clause – Payment Suspension – Default (access required)

International Son-Ry’s Enterprises v. B&T Pools, Inc. Even though the defendant-debtors failed to make the payments required by their promissory note in favor of plaintiff, the payments were suspended by a lender with a superior lien on defendants’ property, as provided for in the promissory note’s subordination clause. Therefore, the default provision in the note did not come into play. We affirm summary judgment for defendants on plaintiff’s claim.

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Contract – Stock Sale – Promissory Note – Life Insurance Policy – Excess Proceeds (access required)

Raniszewski v. Davidson Defendant accepted a promissory note from plaintiffs’ decedent in exchange for defendant’s stock in a grocery store. The stock purchase agreement required the decedent to maintain a $4 million life insurance policy on his own life so long as any obligation of the decedent under his promissory note to defendant remained unsatisfied. Even though the decedent only owed defendant $1.5 million when he died, the stock purchase agreement is silent as to the distribution of the life insurance proceeds. Defendant’s retention of the entire proceeds does not violate the stock purchase agreement.

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Contract – Negotiable Instruments – Promissory Note – Assignment – Trusts & Estates – Administratrix’s Signature (access required)

Lewis v. Stanley Before he died, the defendant-administratrix’s decedent had gotten behind on a business loan from plaintiff. Plaintiff agreed to have the adminitratrix transfer the decedent’s debt to his business partner. Where, in the presence of a notary public, plaintiff signed a handwritten provision on the promissory note saying the note had been satisfied and cancelled, the debt owed by the decedent’s estate to plaintiff was validly discharged, and no grounds exist for relief on plaintiff’s breach of contract claim.

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Civil Practice – Appeals – Contract – Banks & Banking – Promissory Note – Attorney’s Fees – S.C. Law (access required)

East Bay Co. v. Baxley Commercial Properties, LLC Even though a party need not formally object and except to a discovery ruling in order to preserve the issue for appeal, the record must show that the appealing party made his objection known to the trial court. Since the record does not show that defendant objected to the trial court’s order compelling discovery, and since defendant did not refer to the order in the notice of appeal, we lack jurisdiction to consider the order compelling discovery. We dismiss defendant’s appeal in part and affirm in part.

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Contract – Consumer Protection – FDCPA — Promissory Note – Personal Loan (access required)

Smith v. EVB A district court erred in granting summary judgment to a lender on a borrower’s suit for violation of the Fair Debt Collection Practices Act, on the ground that a debt was commercial, not personal; the 4th Circuit vacates the summary judgment order and the court’s award of over $22,000 under the FDCPA against an attorney who was acting pro se.

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Attorneys – Rule 11 – Sanctions Denied – Fact Investigation – Real Property – Promissory Note (access required)

Ancelmo v. Oliver Plaintiffs told their attorney that they had made all the payments required by an installment sale agreement for a tract of real property, yet defendants refused to release the deed of trust encumbering the property. Plaintiffs said there was no promissory note, and plaintiffs’ attorney made oral and written requests that defendants produce any such promissory note. Defendants failed to produce a promissory note until more than a year after plaintiffs filed this lawsuit for breach of contract, specific performance, and “failure to extinguish proof of indebtedness.”

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