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    This case involves an appeal of a district court's grant of summary judgment in favor of the defendants, Commercial Credit Business Loans and Marine Midland Business Loans, in a case arising from financing transactions between the defendants and Heyco, Inc., a business formerly owned by the plaintiffs. The appellate court affirms the district court's judgment, finding that while Commercial Credit had previously allowed overadvances under the financing agreements, it was entitled under the terms of the agreements to declare Heyco in default, as it did in its October 1985 letter terminating financing, and was not in breach of the agreements. As there was no breach of contract, all other claims including bad faith, fraud, and unfair trade practices also fail.

    Original Description:

    Filed: 1992-08-11 Precedential Status: Non-Precedential Citations: 972 F.2d 344 Docket: 91-1034

    Original Title

    James H. White John M. White, Individually and as Assignees of Heyco, Incorporated Thorntonwhite, Incorporated v. Marine Midland Business Loans, Incorporated Commerical Credit Business Loans, Incorporated, 972 F.2d 344, 4th Cir. (1992)

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    This case involves an appeal of a district court's grant of summary judgment in favor of the defendants, Commercial Credit Business Loans and Marine Midland Business Loans, in a case arising from financing transactions between the defendants and Heyco, Inc., a business formerly owned by the plaintiffs. The appellate court affirms the district court's judgment, finding that while Commercial Credit had previously allowed overadvances under the financing agreements, it was entitled under the terms of the agreements to declare Heyco in default, as it did in its October 1985 letter terminating financing, and was not in breach of the agreements. As there was no breach of contract, all other claims including bad faith, fraud, and unfair trade practices also fail.

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    23 views3 pages

    United States Court of Appeals, Fourth Circuit

    Uploaded by

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    This case involves an appeal of a district court's grant of summary judgment in favor of the defendants, Commercial Credit Business Loans and Marine Midland Business Loans, in a case arising from financing transactions between the defendants and Heyco, Inc., a business formerly owned by the plaintiffs. The appellate court affirms the district court's judgment, finding that while Commercial Credit had previously allowed overadvances under the financing agreements, it was entitled under the terms of the agreements to declare Heyco in default, as it did in its October 1985 letter terminating financing, and was not in breach of the agreements. As there was no breach of contract, all other claims including bad faith, fraud, and unfair trade practices also fail.

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    of 3

    972 F.

    2d 344

    NOTICE: Fourth Circuit I.O.P. 36.6 states that citation of


    unpublished dispositions is disfavored except for establishing
    res judicata, estoppel, or the law of the case and requires
    service of copies of cited unpublished dispositions of the Fourth
    Circuit.
    James H. WHITE; John M. White, individually and as
    assignees of Heyco, Incorporated; Thorntonwhite,
    Incorporated, Plaintiffs-Appellants,
    v.
    MARINE MIDLAND Business Loans, Incorporated;
    Commerical
    Credit Business Loans, Incorporated, Defendants-Appellees.
    No. 91-1034.

    United States Court of Appeals,


    Fourth Circuit.
    Argued: July 7, 1992
    Decided: August 11, 1992

    Appeal from the United States District Court for the District of South
    Carolina, at Charleston. David C. Norton, District Judge. (CA-88-392-2-8)
    ARGUED: William Choice Cleveland, Haynsworth, Marion, McKay &
    Guerard, Charleston, South Carolina, for Appellants.
    Hamilton Osborne, Jr., Sinkler & Boyd, P.A., Columbia, South Carolina,
    for Appellee Commercial Credit; Paul K. Stecker, Phillips, Lytle,
    Hitchcock, Blaine & Huber, Buffalo, New York, for Appellee Marine
    Midland.
    ON BRIEF: Manton M. Grier, Sinkler & Boyd, P.A., Columbia, South
    Carolina, for Appellee Commercial Credit; Richard S. Rosen, Rosen,
    Rosen & Hagood, Charleston, South Carolina, for Appellee Marine
    Midland.

    D.S.C.
    Affirmed.
    Before WILKINS, HAMILTON, and WILLIAMS, Circuit Judges.
    OPINION
    PER CURIAM:

    The appellants, James White, John White, and Thornton-White, Incorporated,


    appeal the order of the district court granting summary judgment on all their
    claims arising out of the financing transactions between the business the Whites
    formerly owned, Heyco, Inc., and the defendants, Commercial Credit Business
    Loans, Inc. (Commercial Credit), and its successor in interest, Marine Midland
    Business Loans, Inc. (Marine Midland).1 The appellants assert that genuine
    issues of material fact exist which preclude summary judgment on their claims
    for breach of contract, bad faith, fraud, duress, unfair trade practices, negligent
    misrepresentation, and civil conspiracy.2 Our review of the record in this case
    shows that while Commercial Credit had practiced forbearance in the past with
    respect to liquidation of overadvances under the financing agreements between
    it and Heyco, Commercial Credit was in fact entitled, under the terms of the
    various financing agreements, to declare Heyco in default on those agreements
    and to terminate the financing arrangement. This right was exercised by letter of
    October 7, 1985, which specifically stated that Heyco was in default on the
    financing and other loan agreements and that Commercial Credit desired to end
    the financing arrangement at the earliest possible date. We conclude on the
    undisputed facts that Commercial Credit was entitled to declare Heyco in
    default; therefore, Commercial Credit and its successor, Midland Marine, did
    not breach the financing agreements. All other claims collapse for lack of such
    breach. The district court was correct in its decision to grant summary judgment
    on all claims in favor of the appellees. We affirm on the reasoning of the
    district court. White v. Marine Midland Business Loans, Inc., C/A No. 2:880392-18 (D.S.C. January 2, 1991).
    AFFIRMED

    The case was originally referred to a magistrate judge for a report and
    recommendation on defendants' motions for summary judgment. 28 U.S.C.
    636(b). The district court adopted the report and recommendation in its entirety,

    except that portion of the report which preserved a possible claim under the
    North Carolina Unfair Trade Practices Act, N.C. Gen. Stat. 751.1. 28 U.S.C.
    636(b)(1)(C). The district court determined that summary judgment should
    also be granted as to this claim
    2

    It is not entirely clear whether appellants have appealed the district court's entry
    of judgment as to the tortious interference with stock and real estate ownership
    claims. Little, if any, argument with respect to either claim was presented in the
    briefs to this court or at oral argument. To the extent those claims are before the
    court, we affirm the judgment on each for the reasons stated by the district
    court

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