Bank of America v. Riverside County Redevelopment Agency, et al.
Published: Feb. 10, 1996 | Result Date: Dec. 26, 1995 | Filing Date: Jan. 1, 1900 |Case number: BC102143 – $0
Judge
Court
L.A. Superior Central
Attorneys
Plaintiff
John L. Hosack
(Buchalter APC)
Defendant
Barry A. Ross
(Barry A. Ross APC)
Paul L. Gale
(Troutman Sanders LLP)
Experts
Plaintiff
William Gormley
(technical)
Donald Duckworth
(technical)
Defendant
John R. Britt
(technical)
Facts
On June 1, 1989, the defendant, McElroy, the managing director of the defendant, Riverside County Redevelopment Agency, signed a guaranty for a $7,500,000 loan made to the Economic Development Corporation by the plaintiff, Bank of America, successor by merger to Security Pacific National Bank. On June 21, 1991, the Economic Development Corporation defaulted on the loan payments. The Riverside County Redevelopment Agency did not authorize the guaranty and was dismissed by motion for summary judgment on August 28, 1995. The case proceeded to trial against defendant, McElroy, based on California Civil Code º 2342 (breach of an agent's warranty of authority) and California Civil Code º 2343 (money due on guaranty against an agent).
Settlement Discussions
There were no settlement discussions.
Damages
$7,021,171 (representing principal and interest) plus attorney's fees were claimed.
Other Information
The verdict was reached approximately one year and seven months after the case was filed. The judgment on the jury verdict was entered on January 17, 1996. The defendant, McElroy, filed a motion to recover attorneys fees which is set for hearing on February 13, 1996.
Deliberation
2 days
Poll
varied
Length
7 days
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