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ARTICLE · 27 SEPTEMBER 2013

Are Loan Documents Enforceable In Wisconsin?

Foley & Lardner LLP
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Three recent decisions call attention to the fundamental issue of the extent to which courts will enforce loan agreements and guaranties in accordance with their terms rather than imposing uncertain standards of fairness, equity, or good faith.

United StatesFinance and Banking
Emory Ireland
Emory Ireland
Sarah Null
Sarah Null
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Three recent decisions call attention to the fundamental issue of the extent to which courts will enforce loan agreements and guaranties in accordance with their terms rather than imposing uncertain standards of fairness, equity, or good faith.

The Second Circuit recently held that equitable remedies cannot be used to challenge the actions of a lender that acted within its rights under a loan agreement. See Gaia House Mezz LLC v. State Street Bank and Trust Co., 12-2481-CV, 2013 WL 2500579 (2d Cir. June 12, 2013). In Gaia House, after a number of defaults and loan modifications, the lender, State Street, notified the borrower, Gaia House, that it would not be waiving accrued interest in accordance with the loan agreement. After Gaia House obtained financing from another lender to pay off its loan to State Street, including the disputed accrued interest and fees, it brought suit alleging that State Street was not entitled to such interest and fees. According to the

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