Inland Mortgage Capital Corp. v. Chivas Retail Partners, LLC

Federal 7th Circuit Court
Civil Court
Case Number: 
No. 12-3648
Decision Date: 
January 29, 2014
Federal District: 
N.D. Ill., E. Div.
Dist. Ct. did not err in granting plaintiff’s motion for summary judgment in action seeking to enforce guaranty in which defendant had agreed to pay plaintiff upon default of mortgage loan by debtor, where plaintiff sought difference between what it had paid for land (that was subject of mortgage) in foreclosure sale and unpaid balance of debt. Fact that Georgia state court refused to confirm that auction used in foreclosure sale conformed to Georgia law did not require different result since plaintiff could properly enforce terms of guaranty against defendant regardless of whether plaintiff had previously proceeded against debtor.