Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

R.P. Leasing, LLC v. Chemical Bank

Court of Appeals of Indiana

December 11, 2015

R.P. Leasing, LLC, Robert C. Waite, and Ilene A. Waite, Appellants-Defendants,
v.
Chemical Bank, Appellee-Plaintiff

          ATTORNEYS FOR APPELLANTS: Jay P. Kennedy, Steven E. Runyan, Justin W. Leverton, Kroger, Gardis & Regas, LLP, Indianapolis, Indiana.

         ATTORNEY FOR APPELLEE: William G. Lavery, Whisler & Lavery, Elkhart, Indiana.

         Najam, Judge. May, J., and Barnes, J., concur.

          OPINION

         Najam, Judge.

         Statement of the Case

         [¶1] R.P. Leasing, Robert C. Waite, and Ilene A. Waite (collectively " R.P. Leasing" ) appeal the trial court's grant of summary judgment to Chemical Bank (" the Bank" ). R.P. Leasing raises three issues on appeal, which we consolidate and restate as:

1. Whether the trial court erred in granting summary judgment to the Bank because there are genuine issues of material fact.
2. Whether the trial court erred in not awarding attorney's fees to R.P. Leasing.

         [¶2] We affirm in part, reverse in part, and remand for further proceedings.

         Facts and Procedural History

         [¶3] R.P. Leasing purchased the property located at 1865 East M-21, Owosso, Michigan (" the Michigan property" ) in December 2002 for $674,848. The Michigan property is zoned for commercial use and contains a restaurant building. R.P. Leasing borrowed $700,000 from the Bank to buy the Michigan property, secured by a mortgage on the Michigan property and other property located in Cambridge City, Indiana (" the Indiana property" ). The Bank obtained an appraisal of the Michigan property in January 2009, which valued the property at $1,200,000 (" Bollinger Appraisal" ). The mortgage contained a power of sale clause that permitted the Bank, upon default by R.P. Leasing, to initiate non-judicial foreclosure-by-advertisement proceedings on the property. On September 20, 2013, the Bank extended the loan to R.P. Leasing, as evidenced by a renewal Promissory Note (" the Note" ) executed by R.P. Leasing. The Note contains a provision that it is governed by federal law and Michigan law.

         [¶4] In October 2013, the Bank obtained a second appraisal of the Michigan property (" Paul Appraisal" ), which valued the property at $500,000 as of October 7, 2013. After an alleged default on the loan by R.P. Leasing, the Bank posted a Notice of Mortgage Foreclosure Sale on the Michigan property in December 2013. The Notice stated that, as of December 6, 2013, the principal, interest, and late fees owed on the Note totaled $697,439. The county Sheriff sold the Michigan property on January 8, 2014, at which time the Bank bought the property through a " credit bid" [1] for $500,000.

         [¶5] On January 17, 2014, the Bank filed a complaint in the Wayne Circuit Court seeking to collect the balance due on the Note and to foreclose on the Indiana property. The complaint alleged that, as of December 10, 2013, the principal, interest, and late fees due on the Note totaled $716,489.39. The complaint did not mention the sale of the Michigan property, and it did not state that the total due on the Note should be offset by the prior $500,000 Michigan credit bid.

         [¶6] On June 3, 2014, the Bank filed its motion for summary judgment, along with the affidavit of Donald D. Levi, Vice President, Commercial Lending, of Chemical Bank, and its designation of evidence. R.P. Leasing filed its response on August 26, 2014, along with its designation of evidence in opposition to summary judgment. R.P. Leasing's designated evidence included the affidavit of Robert C. Waite, managing member of R.P. Leasing, who stated that the Michigan property ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.