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VILLAGE PLACE, LTD. v. VP SHOPPING, LLC

No. 01-12-00364-CV.

404 S.W.3d 115 (2013)

VILLAGE PLACE, LTD. and Bob Yari, Appellants, v. VP SHOPPING, LLC, Appellee.

Court of Appeals of Texas, Houston (1st Dist.).

May 21, 2013.

Attorney(s) appearing for the Case

Reagan W. Simpson , Marc S. Tabolsky , Scott Keller , Logan E. Johnson , Yetter Coleman LLP, Austin, TX, Kenneth P. Held , Schiffer Odom Hicks & Johnson PLLC, Houston, TX, for Appellants.

Talmage Boston , Winstead PC, Gregory D. May , Dallas, TX, Amy N. Howell , Yetter Coleman LLP, Austin, TX, for Appellee.

Panel consists of Chief Justice RADACK and Justices HIGLEY and BROWN.

OPINION

HARVEY BROWN, Justice.

Village Place, Ltd. purchased the Village Shopping Center with a non-recourse promissory note secured by a deed of trust pledging the property as collateral. The deed of trust included provisions that under certain circumstances created exceptions to the non-recourse nature of the loan. Bob Yari guaranteed the loan. When Village Place defaulted, VP Shopping, LLC (VPS), the noteholder at the time, foreclosed on the pledged shopping...

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