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Town Bank v. City Real Estate Development, LLC
Wisconsin Supreme Court
793 N.W.2d 476 (Wis. 2010)
On May 27, 2004, Town Bank (plaintiff) sent City Real Estate Development, LLC (City Real Estate) (defendant) a commitment letter that stated that Town Bank would loan City Real Estate $9 million for buying an office building and turning it into condominiums. The letter indicated that the first phase of the loan would be a $2.5 million loan for the purpose of buying the building. On July 15, 2004, the parties entered into a contract, under which Town Bank agreed to loan City Real Estate the $2.5 million so it could purchase the office building. The contract did not specifically mention the commitment letter or the additional $6.5 million. The contract did contain an integration clause that stated that the contract was “intended by Customer and Lender as a final expression of their agreement and as a complete and exclusive statement of its terms.” In February 2005, Town Bank informed City Real Estate that it would not be providing the remaining $6.5 million loan. Town Bank filed suit seeking a declaratory judgment that it was not required to provide the additional loan. City Real Estate filed a counterclaim for breach of contract stemming from Town Bank’s refusal to provide the additional loan. The trial court denied Town Bank’s motion for summary judgment and the jury found that Town Bank had breached the commitment letter. The court of appeals reversed. City Real Estate appealed.
Rule of Law
Holding and Reasoning (Ziegler, J.)
Dissent (Bradley, J.)
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