LoRusso v. Schaible

2011 N.J. Super. Unpub. LEXIS 2436 (2011)

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LoRusso v. Schaible

New Jersey Superior Court, Appellate Division
2011 N.J. Super. Unpub. LEXIS 2436 (2011)

Facts

Lawrence Schaible (defendant) anticipated taking out bank loans to help finance his business. Schaible signed a cross-collateralization agreement personally guaranteeing repayment (the guarantee) on these anticipated loans. Schaible backed up his guarantee by mortgaging his house to the bank. Then, Schaible took out two loans, both of which referred back to the guarantee. Afterward, Schaible engaged in two additional bank transactions, a third loan secured by Schaible’s commercial property, and a commercial lease. The accompanying documents described these transactions as integrated agreements, made no reference to Schaible’s guarantee, and contained their own cross-collateralization clauses. Schaible subsequently declared bankruptcy. Frank and Judith LoRusso (plaintiffs), the parents of Schaible’s business partner, bought the third loan and the lease from the bank and sued to foreclose on Schaible’s house. The trial-level New Jersey Superior Court granted summary judgment for Schaible. The LoRussos appealed to the court’s Appellate Division.

Rule of Law

Issue

Holding and Reasoning (Per curiam)

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