7th Circ. Upholds $17M Award To Inland Over Mall Loan

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...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required