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CORPORATE PROPERTY ASSOC. v. HALLWOOD GROUP

No. 219, 2002.

817 A.2d 777 (2003)

CORPORATE PROPERTY ASSOCIATES 6 and Corporate Property Associates 7, Plaintiffs/Counterclaim Defendants Below, Appellants, v. The HALLWOOD GROUP INCORPORATED, Defendant/Counter-claim Plaintiff Below, Appellee.

Supreme Court of Delaware.

Decided: March 5, 2003.

Attorney(s) appearing for the Case

Thomas R. Hunt, Jr., Esquire (argued), and Thomas W. Briggs, Jr., Esquire, of Morris, Nichols, Arsht & Tunnell, Wilmington, Delaware, for Appellants.

Lawrence C. Ashby, Esquire, Richard D. Heins, Esquire (argued), and Joseph C. Handlon, Esquire, of Ashby & Geddes, Wilmington, Delaware, and Charles A. Crocco, Jr., Esquire of Crocco & De Maio, P.C., Mount Kisco, New York, Of Counsel, for Appellee.

Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER and STEELE, Justices, constituting the Court en Banc.

BERGER, Justice.

In this appeal, we consider whether disputed language in a letter agreement constitutes a general release of all claims. The trial court found the language, "[a]fter repayment of the Note, [appellee] will have no further obligation to the [appellants]," to be plain, unequivocal and global. We disagree. Given the fact that the letter agreement addressed only the early payoff of a note, we find that the contested language does not clearly act as a release...

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