Fifteenth RMA Partners, L.P. v. City Terrace Medical Center, a California General Partnership, et al.
Published: Oct. 3, 1998 | Result Date: Jul. 20, 1998 | Filing Date: Jan. 1, 1900 |Case number: BC174236 Bench Verdict – $166,059
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
Defendant
Facts
On Feb. 13, 1990, defendant City Terrace Medical Center, a California general partnership, executed two Promissory Notes in the sum of $82,000 and $50,000, in favor of American Commerce National Bank. Both notes were secured by deeds of trust on the same commercial property located in the Los Angeles area. A third Promissory Note in the sum of $25,000 was executed on June 22. To guarantee the indebtedness, each of the general partners executed personal guaranties. On or about April 1, 1993, the partnership defaulted under the three notes, and demand was made on the guarantors. Thereafter, on April 30, the United States Office of the Comptroller of the Currency, took possession and control of the business and property of American Commerce National Bank, and on that same date, the Federal Deposit Insurance Corporation (FDIC) was appointed as Receiver of American Commerce National Bank. The FDIC sold, transferred and assigned all rights, title and interest in the three notes and their corresponding security to plaintiff. The plaintiff brought this action against the defendants based on breach of contract, enforcement of personal guaranty and judicial foreclosure.
Settlement Discussions
Plaintiff reported that it offered to stipulate to a judgment at a reduced sum providing for payments thereunder. Also per plaintiff, the individual defendant did not make any settlement offers.
Damages
The plaintiff claimed damages of $91,401.26, plus accrued interest of $49,444.60 and late charges of $5,160.39.
Other Information
The verdict was reached approximately one year after the case was filed.
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