A plaintiff bank suing on a promissory note originally executed in favor of another bank must introduce evidence that it is the proper holder of the note in order to obtain summary judgment when the defendant questions the plaintiff bank’s right to sue on the note. This was the holding in TD Bank, N.A. v. Mirabella, decided by the North Carolina Court of Appeals on March 20, 2012. In this case, the bank claimed that it had merged with the original lender, but failed to introduce affidavits or other evidence supporting that claim prior to seeking summary judgment on the note. The Court of Appeals reversed the trial court’s entry of summary judgment for the bank and allowed the defendant to continue contesting the suit.
No Merger Evidence = No Summary Judgment
Written by Bill Cannon, , Business Law, Recent Court Decisions