Austin v. Bank of Am. NA

Loan documents authorized the bank to accelerate and file suit to collect all amounts owed when the borrower failed to cure the payment default after receiving timely notice of the default.

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This appeal arises from the efforts of appellee Bank of America, N.A. “Lender” to enforce the terms of the promissory note and deed to secure debt executed in its favor by appellant Johnt M. Austin “Borrower”. Lender sued to collect the debt it claims the Borrower owes as a result of default, including attorney fees, and the trial court awarded summary judgment to Lender. This Court has jurisdiction in this case because the constitutionality of a statute has been drawn in question. See Ga. Const. of 1983, Art. VI, Sec. VI, Par. II.

It is undisputed that on or about November 24, 2008, Borrower executed the promissory note, deed to secure debt, and other loan documents pursuant to which Lender extended a loan in the principal amount of $1.62 million to finance the purchase of a home. It is also undisputed that Borrower failed to remit monthly payments due on the loan commencing with the payment due for November 2010, that Lender advanced funds to satisfy certain liens that were filed against the property as a result of Borrower’s failure to pay real property taxes due on the property that secured the loan, and that Borrower executed a warranty deed transferring title to said property to a third party without the necessary notice to and consent of the Lender as required by the loan documents. Non-payment of installment obligations when due, failure to pay taxes and discharge tax liens, and transfer of interest in the property that secures the loan without Lender’s prior written consent are events of default pursuant to the terms of the loan documents.

Austin v. Bank of Am. NA

Loan documents authorized the bank to accelerate and file suit to collect all amounts owed when the borrower failed to cure the payment default after receiving timely notice of the default.

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