Contracts Keyed to Epstein
Cornerstone Equipment Leasing, Inc. v. MacLeod
MacLeod (Defendant) borrowed $725,000 from Cornerstone Equipment Leasing, Inc. (Plaintiff) in July 1998 and signed a promissory note requiring monthly payments with 20% annual interest until the balance was paid. The balance was due November 1999. In December 1999, the parties agreed to extend the due date by two years. Over the next several years, they extended the due date multiple times. At one point in 2001, after Defendant complained that he had already paid back more than the original loan amount, Defendant claimed that he and Plaintiff’s president, Chevigny, came to an oral agreement to set aside the remaining principal balance, with the understanding that it would be used in a future business transaction. In June 2005, the parties agreed to another amended note. According to Defendant, Chevigny stated that the note would only be used for “internal purposes” and that the parties would work out the payment in some “future deal.” According to Defendant, in December 2006, Chevigny also called him and stated that the parties were “even.” Defendant gave no consideration for this purported waiver of Plaintiff’s right to payment. Chevigny denied making that call. In June 2007, Chevigny called Defendant and demanded payment on the June 2005 agreement. Chevigny also followed up with a letter demanding payment.
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