from the St. Joseph Superior Court The Honorable Jenny Pitts
Manier, Judge Trial Court Cause No. 71D05-1410-CT-356
ATTORNEYS FOR APPELLANT Daniel H. Pfeifer James P. Barth
Pfeifer Morgan & Stesiak South Bend, Indiana
ATTORNEYS FOR APPELLEE Timothy J. Abeska Brian E. Casey
Barnes & Thornburg LLP South Bend, Indiana Alice J.
Springer Barnes & Thornburg LLP Elkhart, Indiana
of the Case
Bobick's Pro Shop, Inc. ("BPS") appeals the
trial court's grant of summary judgment to 1st Source
Bank ("1st Source"). BPS raises two issues for our
review, but we consider only the following dispositive issue:
whether the trial court erred when it concluded that an
"Agreement for Deed in Lieu of Foreclosure"
("the Agreement") between BPS and 1st Source
entitled 1st Source to judgment as a matter of law.
and Procedural History
In September of 2009, BPS, 1st Source, and Donna J. Bobick
("Bobick") entered into the Agreement. The
Agreement provided in relevant part as follows:
A. [BPS] is the record owner of certain real property located
in St. Joseph County . . . .
B. [BPS] and [1st Source] are parties to [a] . . . Real
Estate Mortgage and Security Agreement dated October 29,
1999[, ] and recorded . . . on November 4, 1999 . . . .
C. The indebtedness of [BPS] owed to [1st Source] . . .
arising under the Mortgage was, as of September 22, 2009, . .
. in the approximate sum of $2, 550, 326.16
D. [BPS] is in default under the terms of the Mortgage and is
presently unable to pay ...