NY Appeals Panel Revives Developer's Suit Over $10M Loan

Law360, New York (October 17, 2012, 2:47 PM EDT) -- A New York state appeals court on Tuesday reinstated developer Fairway Prime Estate Management LLC's breach of contract claims against First American International Bank, finding that an appraisal the bank cited when backing out of a $10 million loan is “subject to question.”

The appeals panel reversed a lower court's ruling dismissing the suit, which found that Fairway failed to show that it had sufficiently complied with all of the conditions of the loan agreement, particularly a provision requiring an appraisal putting the discounted net sell-out...
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