Comerica Bank v. MAHMOODI

OPINION

SWANN, Judge.

¶ 1 Defendants-Appellants Hadi and Pari-sa Mahmoodi appeal from the superior court’s summary judgment in favor of Plaintiff-Appellee Comerica Bank on its fraud claim. For the following reasons, we reverse and remand.

Factual and Procedural Background

¶ 2 This action arises out of a loan transaction between Comerica and Xeba, Inc., a private company started by Hadi Mahmoodi that sold computer systems. Hadi served as President and CEO of Xeba.

¶ 3 On November 26, 2002, Comerica and Xeba entered into a Loan and Security Agreement (the “Agreement”) pursuant to which Comerica…