Successfully obtained reversal of grant of summary judgment in favor of lender regarding interpretation of loan agreement. The lender agreed to limit its remedies upon the maturity of the loan to taking the real estate, which served as collateral, and giving the borrowers credit equal to the greater of the fair market value for the several tracts of collateral or the minimum release prices for the tracts contained in the loan agreement. The lender could then issue deficiency notes to the borrowers for any principal balance remaining after the borrowers were credited for the collateral.
The Georgia Court of Appeals agreed with Bloom Sugarman’s argument that the correct interpretation of the loan agreement requires that the separate minimum release price assigned to each tract of the collateral must be compared to the fair market value of that tract, with the borrowers receiving credit for the greater number for each tract. The Court of Appeals further agreed that the fair market value of each piece of the collateral is disputed by the parties and must be determined by a jury.
Successfully obtained summary judgment in client’s favor in a suit by a national Bank seeking to collect the balance due on a defaulted commercial loan. After foreclosing on the subject collateral property, the Bank failed to confirm the foreclosure sale but still filed suit against our client, the loan’s guarantor, for the deficiency balance remaining after the sale – approximately $800,000 plus interest and attorney’s fees. The Bank argued that our client’s guaranty was sufficient under the HWA Properties line of cases to allow the bank to sue without confirmation. Bloom Sugarman moved for summary judgment on the Complaint and argued that the guaranty in question did not rise to the level of HWA Properties and that confirmation was a condition precedent to the Bank being able to recover against our client. After reviewing the briefing and hearing oral argument, Judge McBurney sided with Bloom Sugarman and granted our summary judgment motion thereby relieving our client of any possible remaining liability in this matter.
Successfully obtained emergency TRO for client in order to stop the foreclosure sale of and/or to conduct the non-judicial foreclosure sale of client’s property. The controversy involves the validity of two Security Deeds as a result of a commercial real estate transaction. The TRO will allow for the courts time to issue a declaratory judgment or decree on the issue to eliminate the uncertainly and controversy and appropriately determine the rights and liability of the parties.
Successfully defended a client against $35M of fraudulent business debt based on signatures forged by her husband, who habitually guaranteed loans using her name without her knowledge.
Defeated bank’s confirmation of a foreclosure sale that was in violation of USPAP rules for appraisal.
Secured denial of bank foreclosure of a South Fulton County subdivision based on flawed bank appraisal.
Compelled an unfavorable ruling to be set aside for lack of subject matter jurisdiction in a case involving breach of promissory note and personal guaranty.
Secured the dismissal of multiple fraudulent transfer claims under UFTA brought by Rialto against BSE’s client, two of his LLCs and his wife. The dismissal also covered Rialto’s claims for civil conspiracy, punitive damages and attorney’s fees.
Won summary judgment against Community & Southern for wrongful foreclosure of four commercial lots in Bartow County because the security deed lacked any language granting the bank the power to sell the property through non-judicial foreclosure.
Demonstrated that C&S Bank failed to sell a subdivision for its true market value at foreclosure, resulting in the court denial of the foreclosure sale.