Judge Says Cabot Unit Must Pay $51M To BofA

Law360, New York (March 19, 2012, 2:28 PM EDT) -- Bank of America NA on Friday won summary judgment in its foreclosure suit against several units of real estate investment company Cabot Investment Properties LLC over $51.2 million owed on a loan for a 1 million-square-foot shopping mall in Ohio.

U.S. District Judge Donald C. Nugent ruled that Bank of America, successor in interest to the original $40 million loan, was entitled to summary judgment as a matter of law because it had succeeded in establishing that it delivered and currently held the note and mortgage,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.