McKnight v. Board of Directors

I respectfully dissent and write separately to express my concerns.

In 1980, Condo Marine Properties, Inc. (“Condo”) became the developer of five hundred seventy-four water slips. Pursuant to R.C. Chapter 5311, the water slips were to be sold as condominiums. First Federal Savings and Loan Association of Toledo (“First Federal”) loaned money to Condo to develop and market the project, receiving, in return, a mortgage on the property involved. Condo defaulted on the mortgage and First Federal received, in the name of a trustee, a deed in lieu of foreclosure. This conveyance gave First Federal…