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SUN AMERICAN BANK v. FAIRFIELD FINANCIAL SERVICES

Civil Action No. 5:08-cv-341 (CAR).

690 F.Supp.2d 1342 (2010)

SUN AMERICAN BANK, Plaintiff, v. FAIRFIELD FINANCIAL SERVICES, INC., Defendant.

United States District Court, M.D. Georgia, Macon Division.

February 9, 2010.

Attorney(s) appearing for the Case

Ashley A. Palermo, Bryan Cave Powell Goldstein LLP, Jennifer Burch Dempsey, William V. Custer, IV, Atlanta, GA, for Plaintiff.

Michael E. Johnson, Anne Peirce Caiola, Atlanta, GA, for Defendant.

ORDER ON MOTIONS FOR SUMMARY JUDGMENT

C. ASHLEY ROYAL, District Judge.

Set against the backdrop of a nationwide real estate collapse, this case presents a dispute between two banks to determine which will bear the risk of loss in a failed beachfront condominium development in north Florida. In November 2006, Defendant Fairfield Financial Services, Inc., ("Fairfield") agreed to loan $21,840,000 ("the Construction Loan") to fund the construction of...

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