All Points Capital Corp. v. Boyd Brothers, Inc.

2011 WL 2790170 (2011)

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Nature of the Case

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Facts

D entered into a series of installment promissory notes with RCA Capital Corp, the predecessor in interest to P. On October 1, 2007, D executed a cross-collateral and cross-default agreement on the promissory notes. Ds have purportedly defaulted on these agreements. P filed suit and moved for summary judgment. Ds assert affirmative defenses on technical issues of the statute of frauds, and they also claim commercial impracticability due to the BP oil spill; a significant portion of their customers are located on the Gulf coast and were devastated by the oil spill. Ds' printing business was severely impacted.