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ALHADEFF v. MERIDIAN

No. 81833-9.

220 P.3d 1214 (2009)

167 Wash.2d 601

N. Jack ALHADEFF, Respondent, v. The MERIDIAN ON BAINBRIDGE ISLAND, LLC, a Washington limited liability company; James W. Andresen and Virginia R. Andresen, husband and wife and the marital community composed thereof; John M. Erickson and Jane Doe Erickson, husband and wife and the marital community composed thereof; T. Dennis Kirkpatrick and Suzanne C. Andresen, husband and wife and the marital community composed thereof; and Bruce A. McCurdy and Connie M. McCurdy, husband and wife and the marital community composed thereof, Defendants, and Kitsap Community Federal Credit Union dba Kitsap Credit Union, a federally chartered credit union, Petitioner.

Supreme Court of Washington, En Banc.

Decided November 25, 2009.

Attorney(s) appearing for the Case

Frank Raymond Siderius, Brian Conroy Read, Siderius, Lonergan & Martin, LLP, Seattle, WA, for Petitioner.

Michael Daniel Ross, Ross Law Advisors PLLC, Bellevue, WA, John Joseph Mitchell, Attorney at Law, Bainbridge Island, WA, for Respondent.

J.M. JOHNSON, J.

¶ 1 Kitsap Credit Union (KCU) granted The Meridian on Bainbridge Island, LLC (Meridian) a loan to construct condominiums on Bainbridge Island. In order to satisfy a condition of the loan, Meridian persuaded N. Jack Alhadeff to authorize the issuance of a letter of credit (LOC) to KCU for the benefit of Meridian. The LOC required KCU to certify prior to drawing that the construction loan had been exhausted and that there were no events of default...

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