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Commercial Law Keyed to Whaley
Mundaca Investment Corp. v. Febba
Citation:
727 A.2d 990 (1999)Facts
On July 28, 1987, Defendants serving as trustees of L.T.D. Realty Trust purchased two condominiums for the trust, financed by two promissory notes secured by mortgages on the condos. Both notes were signed by each defendant and each of them handwrote the word “Trustee” after their signature. The notes both stated that they are secured by a mortgage, the trust was not identified on the face of the notes. However, that trust is identified as the “Borrower” on both mortgage documents. On August 19, 1993, Mundaca acquired the two notes as the original bank went into receivership. Mundaca notified Defendants that they were in default on the notes and then sued to recover. Defendants argued that they were not personally liable on the notes because they had only signed in representative capacity as trustees for the L.T.D. Realty Trust. The trial court sided with Mundaca, finding Defendants failed to meet their burden of proving they had signed in representative capacity and failing to show that the original bank had not intended to hold them personally liable. Defendants appealed from this decision.
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