Adiel v. Chase Federal Savings & Loan Association

810 F.2d 1051 (1987)

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Adiel v. Chase Federal Savings & Loan Association

United States Court of Appeals for the Eleventh Circuit
810 F.2d 1051 (1987)

AR

Facts

Adiel (plaintiff) entered into a contract for Lakeridge to build him a townhouse. Shortly thereafter, Lakeridge applied for a mortgage from Chase Federal Savings & Loan Association (defendant). Chase did not hold Lakeridge to strict compliance with the loan’s terms, and the agreement between Lakeridge and Adiel provided for a penalty if Adiel secured a mortgage from other than Chase. Adiel then applied for a mortgage from Chase, and Chase unilaterally inserted the earlier mortgage into the agreement. Chase then notified Adiel that he was approved to assume the Lakeridge mortgage. Finally, Adiel became the primary obligor under the Lakeridge loan. Adiel sued Chase, arguing that he had not been presented with documents required by the Truth in Lending Act. The district court ruled in Adiel’s favor, and Chase appealed. Chase argued that the act did not apply because the loan was made to Lakeridge for a business purpose and Adiel’s assumption was not a new transaction within the meaning of the act.

Rule of Law

Issue

Holding and Reasoning (Hatchett, J.)

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