Third DCA Judge Norma S. Lindsey. Photo: J. Albert Diaz/ALM. Intent Matters With Promissory Notes: South Florida Court Wades Into Dispute Over $2M Shopping Mall Loan
"A debtor should not be permitted to accept the benefits of a transaction, perform in accordance with the terms of the transaction, and then years later, attempt to repudiate the transaction—particularly where the debtor has wholly admitted that their intent from inception was to be bound by the terms of the deal," said attorney Eric Sodhi.
October 29, 2021 at 03:35 PM
3 minute read
A trial court ruling that found an undelivered promissory note for a $2 million loan was unenforceable has been reversed on appeal.
It's a case that demonstrates intent is crucial when establishing rights and responsibilities, according to Eric Sodhi of Sodhi Spoont PLLC in Miami who represented prevailing party Asgaard Fund, which provided the loan for a South Florida shopping mall.
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