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Geneva JPM 2003-PM1, LLC, v. Geneva FSCX I, LLC. MN guaranty
This case called upon the Minnesota Court of Appeals to construe guarantee agreements relating to four properties that were in foreclosure, the Five Star Commerce Property, Five Star Industrial Property, Bell Tower Office Property, and Bell Tower Commerce Property.
The court held that in the absence of contractual language indicating otherwise, the amount the creditor may collect on the guaranty depends on the balance of the debt at the time the creditor invokes its rights under the guaranty.
No. A13-0718 (Minn. Ct. App. March 3, 2014)
Please see the original opinion for the court's exact language.
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Richard P. Clem is an attorney and continuing legal education (CLE) provider in Minnesota. He has been in private practice in the Twin Cities for 25 years. He has a J.D., cum laude, from Hamline University School of Law in St. Paul and a B.A. in History from the University of Minnesota. His reported cases include: Asociacion Nacional de Pescadores a Pequena Escala o Artesanales de Colombia v. Dow Quimica de Colombia, 988 F.2d 559, rehearing denied, 5 F.3d 530 (5th Cir. 1993), cert. denied, 510 U.S. 1041 (1994); LaMott v. Apple Valley Health Care Center, 465 N.W.2d 585 (Minn. Ct. App. 1991); Abo el Ela v. State, 468 N.W.2d 580 (Minn. Ct. App. 1991).
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