BADGETT V. SECURITY STATE BANK
56 Wash.App. 872 (1990)
NATURE OF THE CASE: Badgett (P) challenged a decision, which granted summary judgment in
favor of Security (D) dismissing P's claim for damages and entering judgment in favor of D
on its counterclaim seeking foreclosure.
FACTS: Badgett (P) took a loan from Security (D) to operate its dairy business. Three
years later, they decided to quit the dairy business and asked for assistance in
restructuring the loan to create a liquidation plan. One year later P decided to get back
into the dairy business and a new loan was negotiated; a new clause indicated that advances
or increased commitments for any purpose are not contemplated at this time and that the
written agreement contains the entire loan agreement. Once again, P decided to get out of
the business and proposed a payment of $1,300,000 of the $1,500,000 due on the loan. D did
not accept the offer. Eventually the assets were liquidated by the D. P sued D. The trial
court granted summary judgment for D. P appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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