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685 Penn LLC v. Stabilis Fund I LP

An alleged promise to extend or change the original promissory note was vague and indefinite as to the material terms, thus promissory estoppel did not apply.

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This case arises from a suit for breach of a promissory note and personal guarantees originally filed by Branch Banking & Trust Company “BB&T” against 685 Penn, LLC, Adam Gaslowitz, and Gerie Gilbert collectively “the Defendants”. During pendency of the suit, BB&T sold the note to Stabilis Fund I, L.P., which thereafter moved to substitute itself as the real party in interest and renewed BB&T’s motion for summary judgment, which the trial court previously had granted. The Defendants appeal the trial court’s order granting Stabilis Fund’s renewed motion for summary judgment, arguing that the trial court erred because 1 Stabilis Fund failed to offer proof of possession of the original note; and 2 issues of material fact remain as to whether BB&T was estopped from enforcing the original terms of the note based on its representations to refinance the debt. For the reasons that follow, we affirm.

Summary judgment is proper when there is no genuine issue of material fact and the movant is entitled to judgment as a matter of law. OCGA § 9-11-56 c. A de novo standard of review applies to an appeal from a grant of summary judgment, and we view the evidence, and all reasonable conclusions and inferences drawn from it, in the light most favorable to the nonmovant.1

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