US Bank Can Collect On $34.6M Pittsburgh Developer's Loan

Law360, Philadelphia (March 3, 2014, 2:16 PM EST) -- The Pennsylvania Superior Court ruled Friday that U.S. Bank NA could collect from a California investor who defaulted on a $34.6 million loan that he borrowed for improvements on Pittsburgh’s historic Union Trust Building.

The appeals court upheld a 2012 trial court ruling that Gerson I. Fox could not open a default judgment that the bank entered against him earlier that year.

The court pointed to the text of the 2008 loan agreement, which it interpreted to conclude that the bank was not obligated to seek...
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