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John M. Abbott, LLC v. Lake City Bank

Court of Appeals of Indiana

July 16, 2014

JOHN M. ABBOTT, LLC, CLASS REPRESENTATIVE AND ALL OTHERS SIMILARLY SITUATED, Appellant-Defendant/Counterclaimant,
v.
LAKE CITY BANK, Appellee-Plaintiff/Counterdefendant

APPEAL FROM THE ALLEN SUPERIOR COURT. The Honorable David J. Avery, Judge. Cause No. 02D01-0906-PL-239.

ATTORNEY FOR APPELLANT: ANDREW B. MILLER, Starr Austen & Miller, LLP, Logansport, Indiana.

ATTORNEYS FOR APPELLEE: DANIEL D. BOBILYA, CONOR S. SLOCUM, Bobilya Law Group, LLC, Fort Wayne, Indiana.

CRONE, Judge. BAKER, J., and BARNES, J., concur.

OPINION

Page 54

OPINION - FOR PUBLICATION

CRONE, Judge

Case Summary

John M. Abbott, LLC (" Abbott LLC" ), acting as class representative, filed a class action against Lake City Bank (" the Bank" ), maintaining that the Bank breached the terms of its promissory note (" the Note" ) executed in conjunction with certain commercial real estate loans. The dispute concerned the Bank's use of a 365/360 interest calculation method and its alleged impact on the interest owed. The Bank filed a motion for summary judgment, which the trial court granted. Abbott LLC now appeals, asserting that genuine issues of material fact exist that render summary judgment improper. Finding no genuine issue of material fact, we affirm the trial court's summary judgment order.

Facts and Procedural History

In 2006, John Abbott sought to purchase a retail hardware business in Rochester. He formed Abbott LLC (of which he is sole owner) to purchase and obtain financing for the business. Abbott LLC sought a $150,000 commercial loan from the Bank. At closing, John Abbott signed the Note on behalf of Abbott LLC. The Note contains a provision stating that the borrower

Page 55

acknowledges that he read and understood the Note's provisions before signing.

With respect to payment and interest rate, the Note states ...


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