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Kensington Partners LLC v. Beal Bank Nevada

The evidence clearly showed that the FDIC was acting as receiver for a defunct bank when it assigned loan documents to the plaintiff bank and the assignment included the defendants' personal guaranties.

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This appeal arises from the trial court’s order granting summary judgment to Beal Bank Nevada on its suit on a promissory note and personal guaranties. Because there are no genuine issues of material fact, 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. We review the grant of summary judgment de novo, construing the evidence in favor of the nonmovant.’ Cit.” Core LaVista, LLC v. Cumming , 308 Ga. App. 791 709 SE2d 336 2011. So viewed, the evidence shows that on May 25, 2006, Kensington Partners, LLC executed a promissory note in favor of BankFirst in the principal amount of $7,345,000. Steven DeFrancis, David DeFrancis and Regis Haid, Jr., executed individual guaranties of the note. The note was also secured by a deed of trust to real estate located in Mississippi.

Beal Bank filed a complaint for breach of the promissory note and guaranty agreements, asserting that it had acquired the loan by assignment from the Federal Deposit Insurance Corporation “FDIC”, acting as receiver for BankFirst. Beal Bank subsequently moved for summary judgment, supported by affidavits and the loan documents. After a hearing, the trial court granted the motion, awarding Beal Bank the principal sum of $6,977,750, plus interest and attorney fees. Kensington and the individual guarantors appeal.

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