7th Circ. Upholds $17M Award To Inland Over Mall Loan
By Jeff Sistrunk
Law360, Los Angeles (January 29, 2014, 10:32 PM ET) -- The Seventh Circuit on Wednesday affirmed a lower court's ruling that the guarantors of a nearly $60 million delinquent loan for a failed Georgia shopping mall must pay $17 million to lender Inland Mortgage Capital Corp., finding the award was not a prohibited deficiency judgment.
A three-judge panel said U.S. District Judge Milton Shadur properly ruled that Inland was not barred from suing the guarantors of its loan to Harbins Crossing TC by virtue of a Georgia court's refusal to confirm Inland's purchase at auction of...