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GPR v. UCL

No. 07-3506.

536 F.3d 939 (2008)

GREAT PLAINS REAL ESTATE DEVELOPMENT, L.L.C., Appellant, v. UNION CENTRAL LIFE INSURANCE COMPANY; Summit Investment Partners; Carillon Investments, Inc.; LaSalle Bank National Association; GMAC Commercial Mortgage Corporation, Appellees.

United States Court of Appeals, Eighth Circuit.

Filed: August 7, 2008.

Attorney(s) appearing for the Case

Kirk T. May, argued, Kansas, MO, for Appellant.

Michael William Thrall, argued, Des Moines, IA, (Debra Lynne Hullet, on the brief), for Appellee.

Before RILEY, BOWMAN, and HANSEN, Circuit Judges.

RILEY, Circuit Judge.

At issue is the enforceability of a prepayment premium provision (PPP) contained in a promissory note. Great Plains Real Estate Development, L.L.C. (GPR), the borrower, asserts this provision was either waived or was unenforceable under Iowa law. The lender, Union Central Life Insurance Company (UCL), disagrees. The district court1 granted UCL's motion for summary judgment, finding the PPP was not waived and was enforceable...

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