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Banking Law Keyed to Carnell, 7th Ed.
Davis v. First National Bank of Westville
Citation:
868 F.2d 206 (1989)Facts
The Davises maintained a lending relationship with the defendant banks from 1977 to 1985, during which they borrowed substantial sums of money. In late 1984 or early 1985, the Davises needed an additional $200,000 to keep their business operational. The banks would only lend this additional amount if the Davises agreed to liquidate their business and pay off existing debts. On June 28, 1985, the parties signed a loan agreement containing a provision (paragraph twelve) requiring the Davises to enter into a contract to sell their business by September 1, 1985. When the Davises failed to meet this deadline, the banks insisted they cease operations and begin liquidation. The Davises ultimately sold their business in February 1986 and subsequently filed this lawsuit alleging that the liquidation requirement violated the anti-tying provisions of the BHCA.
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