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Federal Land Bank Association v. Sloane

825 S.W.2d 439 (1991)

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Federal Land Bank Association v. Sloane

Texas Supreme Court
825 S.W.2d 439 (1991)

SC

Facts

William, Lettie, and Robert Sloane (plaintiffs) contracted with Pilgrim’s Pride to raise chickens on their farm. The contract was contingent on the Sloanes building new chicken coupes. The Sloanes applied for a loan to do so with the Federal Land Bank Association (the bank) (defendant). The loan officer told the Sloanes that the loan was going to be approved. The Sloanes’ contractor contacted the loan officer before he started work on the chicken houses, and the loan officer said that there was no reason work should not commence. Accordingly, the contractor began work, including the destruction of the Sloanes’ old chicken houses in preparation for the building of the new ones. Subsequently, the bank denied the Sloanes’ loan application. The Sloanes were unable to obtain alternate financing and thus unable to complete the construction on the new chicken coupes. The Sloanes sued the bank for negligent misrepresentation, alleging that the loan officer negligently misrepresented that the loan would be approved. The jury found in the Sloanes’ favor and awarded damages for pecuniary losses, lost profits that would have accrued based on the contract with Pilgrim’s Pride, and mental anguish. The court of appeals declined to award the lost profits but otherwise affirmed the judgment.

Rule of Law

Issue

Holding and Reasoning (Gonzalez, J.)

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