In re Carter (Ch. 12 Case No. 17-70277, Adv. No. 17-07014)

The parties sought summary judgment on an action for declaratory judgment that concerned the extension of an open-end clause in a real estate financing agreement. The issue before the Court was whether a non-borrowing grantor’s security interest also secured the borrower’s later incurred debt, even without the non-borrowing grantor’s consent. The Court found the documents memorializing the security agreement did not require consent to extend the security interest. Further, the Court found such a provision did not contravene Georgia law. Accordingly, the Court granted summary judgment for the Plaintiff.

Tuesday, June 5, 2018