WELLS FARGO BANK v. TIPPECANOE ASSOCIATES

No. 79A04-0906-CV-354.

923 N.E.2d 423 (2010)

WELLS FARGO BANK, N.A., as Trustee for the Registered Holders of Commercial Mortgage Acceptance Corp., Commercial Pass Through Certificates, Series 1998-C-2, acting by and through its Special Servicer, Midland Loan Services, Inc., and Midland Loan Services, Inc., Appellants/Cross-Appellees, v. TIPPECANOE ASSOCIATES, LLC, Larry D. Contos, and Paul M. Nicholson, Appellees/Cross-Appellants, and Scatterfield Road Associates, LLC, Appellee.

Court of Appeals of Indiana.

March 10, 2010.


Attorney(s) appearing for the Case

Alan K. Mills, Joseph C. Chapelle, Ethel H. Badawi, Barnes & Thornburg LLP, Indianapolis, IN, Attorneys for Appellants.

Zeff Weiss, Andrew J. Miroff, Brian J. Paul, Ice Miller LLP, Indianapolis, IN, Attorneys for Appellees.


OPINION

BAKER, Chief Judge.

Two separate but related entities entered into mortgages on the same day. The mortgages refer to a cross-guaranty, but no such document was ever executed by the parties. Ten years later, the lending bank is attempting to enforce a non-executed, undated draft of the cross-guaranty against the debtors. Among other things, we find herein that the statute of frauds prohibits the bank from enforcing the cross-guaranty against them...

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