JAYCEE ATLANTA DEVELOPMENT, LLC et al.
Reconsideration denied December 11, 2014.
Loan. Fulton Superior Court. Before Judge Brasher.
Johnson & Ward, Stanley E. Kreimer, Jr., for appellants.
DLA Piper, Ann M. Byrd, Scott Lange, McGee & Oxford, James J. Brissette, for appellee.
BRANCH, Judge. Barnes, P. J., and Boggs, J., concur.
Jaycee Atlanta Development, LLC (" Jaycee" ) obtained a $15 million line of credit from a bank that later failed and had its assets transferred to Providence Bank. When Jaycee defaulted on the loan, Providence sued Jaycee and its members, Charles Woodson and James Crawford, to recover the remaining principal balance, plus interest. On cross-motions for summary judgment, the trial court ruled in favor of Providence, and Jaycee, Woodson, and Crawford now appeal. For reasons that follow, we affirm.
Summary judgment is appropriate if the moving party demonstrates that there is no genuine issue of material fact and that the undisputed facts warrant judgment as a matter of law. Nixon v. Pierce County School Dist., 322 Ga.App. 745, 747 (746 S.E.2d 225) (2013). In reviewing the trial court's ruling on a motion for summary judgment, we apply a de novo standard of review and view the evidence in a light most favorable to the nonmoving party. Graham v. HHC St. Simons, 322 Ga.App. 693, 694 (2) (746 S.E.2d 157) (2013). We will affirm the grant of summary judgment if it is right for any reason. Stephen A. Wheat Trust v. Sparks, 325 Ga.App. 673, 679 (4), n. 8 (754 S.E.2d 640) (2014).
The record shows that Woodson and Crawford formed Jaycee with the goal of acquiring separate parcels of property near the Georgia Dome and assembling them into a multi-use development. Woodson and Crawford negotiated with Premier Bank, a financial institution based in Missouri, for a line of credit that would help them purchase the necessary parcels. At the closing, which occurred in September 2007, Premier and Jaycee executed a loan agreement and [330 Ga.App. 323] promissory note for $15 million, and Woodson and Crawford executed personal guaranties on the note.
In October 2010, the Missouri Division of Finance declared Premier to be insolvent, closed it down, and appointed the Federal Deposit Insurance Corporation (" FDIC" ) as receiver of its assets. The FDIC then transferred Premier's assets to Providence Bank.
In February 2011, Providence notified Jaycee that it was in default on the loan and demanded repayment. When Jaycee failed to pay, Providence sued Jaycee, Woodson, and Crawford for breach of the loan agreement, promissory note, and guaranties, seeking the remaining principal balance of more than $5 million, plus interest and attorney fees. Providence attached copies of the relevant loan documents to the complaint. The defendants answered, denying liability, and Jaycee counterclaimed for breach of contract, alleging that Premier had broken certain oral promises.
Providence moved for summary judgment on its own claims, arguing that Jaycee borrowed money from Premier which it failed to repay in full, and that Woodson and Crawford were personally responsible for Jaycee's debt. Providence also sought summary judgment on Jaycee's counterclaims. The defendants filed a cross-motion for summary judgment on Providence's claims, asserting a variety of defenses. In a lengthy, thorough order, the trial court granted Providence's motions and denied the defendants' motion. The defendants filed a timely notice of appeal. At Providence's request, the trial ...