Legal Opinion
Sun American Bank v. Fairfield Financial Services, Inc.
District Court, M.D. Georgia
Decided February 9, 2010No. Civil Action 5:08-cv-341 (CAR)PublishedCited by 2 opinions
1Opinion of the Court
ORDER ON MOTIONS FOR SUMMARY JUDGMENT
C. ASHLEY ROYAL, District Judge.
Set against the backdrop of a nationwide real estate collapse, this case presents a dispute between two banks to determine which will bear the risk of loss in a failed beachfront condominium development in north Florida. In November 2006, Defendant Fairfield Financial Services, Inc., (“Fairfield”) agreed to loan $21,840,000 (“the Construction Loan”) to fund the construction of a 14-unit luxury condominium project near Jacksonville, Florida. The Borrower was Acquilus III, LLC, a company wholly owned by Florida developer…
2Cases cited8 opinions
- Asian Square Partners, L.P. v. Cuong Quynh LyCourt of Appeals of Georgia · 1999
- Gabrell v. ByersSupreme Court of Georgia · 1933
- Nelson v. Evangelical Hospital Ass'nAppellate Court of Illinois · 1976
- Rod's Auto Finance, Inc. v. Finance Co.Court of Appeals of Georgia · 1993
- Greater Georgia Life Insurance Co. v. EasonCourt of Appeals of Georgia · 2008
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3Cited by2 opinions
- Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-OA1 ex rel. HSBC Bank, USA, National Association v. DB Structured Products, Inc.District Court, S.D. New York · 2013
- Federated Bank v. Federal Deposit InsuranceCourt of Appeals for the Eleventh Circuit · 2016