Southern Financial Group, LLC v. McFarland State Bank

Magistrate Judge did not err in granting defendant’s motion for summary judgment in plaintiff’s action alleging that defendant breached contract by misrepresenting status of three out of 19 properties identified as collateral for loan portfolio purchased by plaintiff. Terms of contract limited plaintiff’s remedy of any breach to “repurchase price,” and plaintiff could not seek any damages under instant record, where plaintiff had already sold other collateral properties and obtained proceeds that exceeded price plaintiff had paid for entire loan portfolio. Ct. rejected plaintiff’s claim that remedies’ limitation clause contained in contract failed of its essential essence because it failed to provide plaintiff with any remedy for defendant’s misrepresentation.