Thormahlen v. Citizens Savings and Loan

Plaintiffs brought this action for damages against defendant, their construction lender, contending that defendant breached its contractual and common-law duties to them by disbursing construction loan funds in excess of the percentage of completion of a project known as the Ravenwood Condominiums. They also sought rescission of two deeds of trust given to defendant to secure additional financing of the project. Defendant counterclaimed for foreclosure of the trust deeds. At the close of plaintiffs’ case, the trial court granted defendant’s motion to dismiss plaintiffs’ seven claims for…