Beal Bank, SSB v. Lucks

OPINION

LAMB, Vice Chancellor.

I. Introduction

Before me are cross-motions for summary judgment on claims arising out of two promissory notes. Plaintiff Beal Bank’s predecessor-in-interest, Second National Federal Savings Bank (SNFSB), exchanged the first of the two notes in 1985 (“1985 Note”) for a loan of $410,000 to defendants William and Amanda Lucks secured by a mortgage on property known as the Canal Square Property. Following a default on the 1985 Note, SNFSB and the Luckses entered into a settlement agreement in 1993 (“1993 Settlement Agreement”), which was approved by a judge overseeing…