Formall, Inc v. Community National Bank

We are asked to determine whether an "anti-waiver” clause in a revolving credit note for $200,000 may be the subject of estoppel based on the lender bank’s prior course of conduct. The trial court answered this question in the negative and on April 29, 1983, issued an order for partial summary judgment dismissing Count I of plain*592tiffs’ complaint against defendant bank.1 The question raised is one of first impression in Michigan. Other jurisdictions have split on the issue. Resolution of the issue requires a detailed statement of the facts.

Facts

Formall, a Michigan corporation, manufactures…