Скачать или смотреть Brown-Marx Associates, Ltd. v. Emigrant Savings Bank Case Brief Summary | Law Case Explained

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Brown-Marx Associates, Ltd. v. Emigrant Savings Bank | 703 F.2d 1361 (1983)

The doctrine of substantial performance was established to allow a party to recover damages under a contract even if that party failed to completely comply with its contractual obligations. The nineteen eighty-three case of Brown-Marx Associates, Limited versus Emigrant Savings Bank, however, examines some of the limits of this doctrine.

In nineteen seventy-eight, Brown-Marx Associates, Limited, obtained a loan from Emigrant Savings Bank to finance the purchase and renovation of an Alabama office building. Brown-Marx intended to rent out the office space. The loan contract stipulated a ceiling amount of one point one million dollars and a floor amount of seven hundred fifty thousand dollars. In the contract, the bank placed a handful of conditions on the loan if Brown-Marx wished to take out the ceiling amount. Among them was that Brown-Marx needed signed annual leases totaling a little over seven hundred fourteen thousand dollars at the time of closing. If Brown-Marx failed to meet the bank’s conditions outlined in the contract, the terms stated that the loan would be limited to the floor amount.

Although Brown-Marx met some of the bank’s conditions, it was unable to meet the lease requirement at the time of closing. Brown-Marx still insisted upon the ceiling amount from the bank, claiming it had largely met the bank’s conditions. The bank refused and instead only offered Brown-Marx the floor loan amount.

Brown-Marx sued Emigrant Savings for breach of contract in district court. The court found for Brown-Marx because the jury determined that it had substantially performed the conditions required for the ceiling loan. The bank requested a new trial on the grounds that substantial performance wasn’t applicable in the case; its request was granted, and the district court entered judgment for the bank. Brown-Marx appealed to the Eleventh Circuit.

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