Pease v. Wachovia SBA Lending, Inc.

In this appeal, the parties ask us to consider and shape the contours of Maryland Code (2006 RepLVol.), Courts and Judicial Proceedings Article, § 5-408,1 which serves as a statute of frauds in the regulatory scheme for credit agreements. William and Michele Pease (Appellants)—husband and wife and guarantors on a Small Business Administration (hereinafter “SBA”) commercial loan financing substantially their acquisition of a plumbing business—appeal from the denial by the Circuit Court for Baltimore City of their motion to open, modify, or vacate confessed judgments in favor of Wachovia SBA…