Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Dawson Pointe LLC v. SunTrust Bank

The bank adequately proved the variable interest rate accrued before the defendants' admitted default on an $11,714,697 loan secured by a promissory note and two personal guarantees.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The trial court granted summary judgment to SunTrust Bank on its complaint for breach of a promissory note from Dawson Pointe, LLC, and personal guarantees from H. Wayne Clark and James A. Walters. The court awarded the bank $11,714,697 in principal and more than $6.85 million in interest, up to the date of the judgment, plus post-judgment interest at the rate of 21.5 percent per year against all three defendants. On appeal, the defendants argue that the trial court erred because SunTrust failed to prove the applicable rate of interest. For the reasons that follow, we disagree and affirm the trial court. On appeal from a trial court’s grant of summary judgment, this Court conducts a de novo review of the evidence. On summary judgment, after the movant makes a prima facie showing of its entitlement to judgment as a matter of law, the burden then shifts to the respondent to come forward with rebuttal evidence. To do so, the respondent must set forth specific facts showing the existence of a genuine issue of disputed fact. OCGA § 9-11-56 e. Citations and footnotes omitted. Oasis Goodtime Emporium I v. Crossroads Consulting Group , 255 Ga. App. 375, 376 565 SE2d 573 2002. The appellants do not dispute that they defaulted on the loan and that they owe the principal awarded, but argue that SunTrust failed to establish the applicable variable rate of interest during the term of the note and after its maturity.

Under the terms of the promissory note and guarantees, the variable interest rate before default was one-quarter of one percent .25 over the “Wall Street Journal Prime Rate,” which varied during the term of the loan. After default, the contract provided that interest on the unpaid principal amount would accrue at a rate of 18 percent over the variable interest rate.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Go to Events Go to Webcasts
MID-SENIOR LEVEL EMPLOYMENT ASSOCIATE OR PARTNER WANTED FOR BOUTIQUE FIRM OPPORTUNITY TO INHERIT AND GROW PRACTICE (Atlanta, GA)

Our client, an outstanding boutique litigation firm based in Atlanta, is seeking to add an experienced Employment Litigation Attorney to the...


Apply Now ›
(EXCLUSIVE FULLY REMOTE) INSURANCE COVERAGE ASSOCIATE OR COUNSEL WANTED FOR MULTI-STATE BOUTIQUE LAW FIRM (Florida)

Our client, a multi-state full-service boutique, is seeking to add an insurance coverage associate or counsel to work closely with one of th...


Apply Now ›
(EXCLUSIVE) IN-HOUSE GENERALIST ATTORNEY WANTED FOR PRIVATELY OWNED CONSTRUCTION SERVICES FIRM (Atlanta, GA)

Our client, an Atlanta-based and family-owned commercial construction services firm, has engaged us to identify an in-house attorney for the...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Blume Forte Fried Zerres & Molinari
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements