Legal Opinion
Beal Savings Bank v. Sommer
New York Court of Appeals
Decided March 22, 2007PublishedCited by 186 opinions
POINTS OF COUNSEL
1Opinion of the Court
OPINION OF THE COURT
Chief Judge Kaye.
We are asked to determine whether one lender in a syndicated loan arrangement has standing to sue for breach of contract, contrary to the will of the other 36 lenders to forbear from tak*321ing action. The specific, unambiguous language of several provisions, read in the context of the agreements as a whole, convinces us that, in this instance, the lenders intended to act collectively in the event of the borrower’s default and to preclude an individual lender from disrupting the scheme of the agreements at issue.
Facts
On February 26, 1998, a lending syndicate,…
2Cases cited12 opinions
- W.W.W. Associates, Inc. v. GiancontieriNew York Court of Appeals · 1990
- Vermont Teddy Bear Co. v. 538 Madison Realty Co.New York Court of Appeals · 2004
- Goldman v. Metropolitan Life InsuranceNew York Court of Appeals · 2005
- The Commercial Bank of Kuwait v. Rafidain Bank and Central Bank of IraqCourt of Appeals for the Second Circuit · 1994
- Westmoreland Coal Co. v. Entech, Inc.New York Court of Appeals · 2003
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3Cited by186 opinions
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- Summit Health, Inc. v. APS Healthcare Bethesda, Inc.District Court, S.D. New York · 2014
- In Re Chrysler LLCUnited States Bankruptcy Court, S.D. New York · 2009
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