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Wright v. Pennamped
Indiana Court of Appeals
657 N.E.2d 1223 (1995)
Donald Wright (plaintiff) was refinancing an apartment complex. Wright accepted a proposal from Ray Krebs of SCI Financial Corporation (SCI) (defendant). Attorney Bruce Pennamped (defendant) prepared the loan documents for SCI and forwarded drafts to Wright’s attorney, Richard Brown. Wright and Brown discussed the documents and approved their form and substance. The day before closing, Pennamped discussed the documents with Brown but never mentioned that the funding bank had requested changes to the prepayment-penalty provision. Brown advised Pennamped he would not be attending the closing. That afternoon, Pennamped changed the prepayment provision. Pennamped told Krebs to tell Wright, but neither Wright nor Brown was advised. Wright executed the documents and first learned when paying off the loan that the changes increased the prepayment penalty by $92,000. Wright sued Pennamped and his law firm for fraud and constructive fraud. The trial court granted summary judgment to Pennamped, finding no evidence of intent to deceive. Wright appealed.
Rule of Law
Holding and Reasoning (Sharpnack, C.J.)
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