In 2005, Lawrence Don, Victor Lissiak, and J. Randolph Light formed The Stretford at the Cascades Limited
Question:
In 2005, Lawrence Don, Victor Lissiak, and J. Randolph Light formed The Stretford at the Cascades Limited Partnership to develop a high-rise condominium in Tyler, Texas. Between 2005 and 2007, Stillwater National Bank (SNB) loaned over $20 million to The Stretford. In 2008, SNB made a number of individual loans to the partners totaling $2.5 million. The loans were consolidated into one promissory note that year. SNB transferred the note to SW Loan OO, L.P. in 2011. After failing to reach an agreement to restructure their obligation, Light and Stretford filed actions against SNB and SW to gain declaratory judgment. SW subsequently filed a cross-claim against Lissiak to recover the balance on the $2.5 million promissory note. While Light, Stretford, and SNB managed to settle, SW and Lissiak were still embroiled in the lawsuit. The trial court eventually granted summary judgment in favor of SW and ordered that SW recover over $3 million. Lissiak appealed, arguing, among others, that there is a question of authenticity concerning his signature on the 2008 $2.5 million promissory note. As evidence, Lissiak submitted an affidavit where he stated he believed the note is not valid and that he does not recall signing the promissory note. Do you think this is enough evidence to call into question the signature on the promissory note? What kind of evidence would be needed?
Step by Step Answer:
Dynamic Business Law The Essentials
ISBN: 9781260253382
5th Edition
Authors: Nancy Kubasek, M. Neil Browne, Daniel Herron, Lucien Dhooge, Linda Barkacs