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Professional Responsibility Keyed to Gillers
Greycas, Inc. v. Proud
Citation:
826 F.2d 1560 (1987)Facts
Edward Proud, an attorney, represented his brother-in-law John Prouds in obtaining a $1.3 million loan from Greycas. As part of the transaction, Greycas required an opinion letter from an attorney confirming that the farm equipment offered as collateral was free of liens. Edward Proud provided this letter, stating he had searched the appropriate records and found no prior liens. In reality, Proud had not conducted any search, and the equipment was already subject to substantial liens. When John Prouds defaulted on the loan, Greycas discovered the prior liens and was unable to recover the full value of its loan through the collateral. Greycas then sued Edward Proud for negligent misrepresentation, claiming he knew or should have known that Greycas would rely on his letter in deciding whether to make the loan.
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