Towers Charter & Marine Corp. v. Cadillac Insurance

OPINION

SAND, District Judge.

This action is before the Court following oral argument on defendant’s motion for summary judgment. In brief, plaintiff Towers Charter & Marine Corporation (“Towers”) alleges that defendant Cadillac Insurance Company, Inc. (“Cadillac”) is in breach of a loan commitment to lend Towers $1,400,000 for the purchase of a 111-foot boat, the Marco Polo. Defendant seeks the dismissal of the complaint, which would release the money that was put in escrow, and repayment of a $225,000 loan made to Towers.

By their own terms, the loan commitment and escrow agreements that are…