HM Holdings, Inc. v. Rankin
United States Court of Appeals for the Seventh Circuit
70 F.3d 933 (1995)
- Written by Whitney Kamerzel , JD
Facts
Robert Rankin (defendant) bought industrial real estate under an installment land contract from HM Holdings, Inc. (plaintiff). In the contract, although HM Holdings warranted the property’s marketable title, the property did not address express warranties about the property’s condition. Instead, the property was sold as is, and Rankin was given adequate time and opportunity to inspect the property before purchasing it. After purchasing the property, Rankin defaulted on the contract, and HM Holdings sued Rankin for a money judgment, foreclosure, and an order allowing the sale of the property. Although Rankin conceded he defaulted on the contract, Rankin argued that the property’s hazardous waste eroded the property’s marketable title and breached HM Holdings’ warranty of title. The district court granted HM Holdings’ motion to dismiss, and Rankin appealed.
Rule of Law
Issue
Holding and Reasoning (Cummings, J.)
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