Careau & Co. v. Security Pacific Business Credit, Inc.

222 Cal. App. 3d 1371, 272 Cal. Rptr. 387 (1990)

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Careau & Co. v. Security Pacific Business Credit, Inc.

California Court of Appeal
222 Cal. App. 3d 1371, 272 Cal. Rptr. 387 (1990)

Facts

Careau & Company (Careau) (plaintiff) sought $13 million in financing from Security Pacific Business Credit, Inc. (Security) (defendant) to purchase an egg production facility in Moorpark, California. The financing never materialized, and Careau was unable to make the purchase until a new lender was found and financing was eventually obtained but on less desirable terms. Careau sued Security for claims based on contract and tort claims based on bad faith. The trial court sustained Security’s demurrers on the first amended complaint without leave to amend and refused to reconsider that decision and review the proposed second amended complaint. Careau appealed and argued that its second amended complaint sufficiently alleged viable causes of action and, alternatively, if it did not, it had the right to cure with an additional amendment.

Rule of Law

Issue

Holding and Reasoning (Croskey, J.)

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