Ladco Properties XVII v. Jefferson-Pilot Life Insurance

MURPHY, Circuit Judge.

Ladco Properties XVII (Ladco), filed this action seeking recovery of its liquidated damages deposit which Jefferson-Pilot Life Insurance Company (Jefferson-Pilot) retained after Ladco failed to meet its obligations under the parties’ loan commitment agreement. The parties filed cross motions for summary judgment and the district court 1 concluded that Jefferson-Pilot was entitled to retain the deposit amount because the liquidated damages provision was valid and enforceable. Ladco appeals from the adverse judgment. We affirm.

Ladco, an Iowa limited liability corporation,…