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Contracts Keyed to Calamari
First American Commerce Co. v. Washington Mutual Savings Bank
Facts
The Plaintiff, First American Commerce Co. (the "Plaintiff"), borrowed money from Defendant 1, First Security Realty Services ("Defendant 1"). Repayment was secured with a deed of trust and an assignment of rents on a commercial building owned by the Plaintiff. Pursuant to the loan document, Defendant 1's approval was required on new leases and a percentage of the loan was "withheld in a 'hold-back' fund pending the completion of certain tenant improvements." Defendant 1 assigned the loan to Defendant 2, Washington Mutual Savings Bank ("Defendant 2"), on the day the loan documents were signed. The Plaintiff consented to the assignment. The Plaintiff wished to lease certain space in the building, but neither Defendant 1 or Defendant 2 would consent. Once all the improvements were made, the Plaintiff wanted the monies held back from the loan. The Plaintiff contacted Defendant 1 and they refused to release the funds arguing that, that duty was delegated to Defendant 2. The Plaintiff sued and the lower court granted Defendant 1 summary judgment finding the assignment terminated any duty Defendant 1 had to the Plaintiff.
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