Green Meadow Park Inc. v. American Heritage Life Insurance Co.

NEARN, Judge.

The principal question below was whether or not defendant American Heritage Life was obligated to fund or loan to plaintiff Green Meadow Park, Inc. the remaining unloaned balance of $75,000 of an original loan commitment of $400,000. The Chancellor held, inter alia, that the defendant Heritage was not so obligated, and the plaintiff Green Meadow has appealed. The Bank of Maryville, another named plaintiff also appealed, but it is admitted that its rights are derivative and it can prevail only if Green Meadows prevails. Therefore, only the rights of Green Meadows will be discussed.