Beal Bank v. Crystal Properties, Ltd.

WARDLAW, Circuit Judge:

Beal Bank (“Beal”) appeals the district court’s order affirming the bankruptcy court’s grant of summary judgment in favor of the debtor, Crystal Properties (“Crystal”). Beal asserts that the bankruptcy and district courts incorrectly concluded that Crystal was not required to pay interest at the default rate on seven defaulted loans Beal acquired from the Federal Deposit Insurance Corporation (“FDIC”). The central issue is whether, and, if so, when, the default interest rate, as provided in the original loan agreement between Beal’s predecessors and the Ngs (later…