620 F. App'x 811
11th Cir.2015Background
- River Walk Farm and guarantors defaulted on a $6M+ loan secured by real property in Georgia.
- FDIC through purchase agreement with FC Bank (FCBT) acquired the loan notes, deeds, and guaranties after Georgian Bank’s receivership.
- River Walk defaulted in 2010; FCBB foreclosed in 2011 and recovered about $2.21M from River Walk and Covington River properties.
- FCBT sued River Walk in federal court for the deficiency, alleging $6,579,021.75 due, including 15% attorney’s fees; Spink affidavit supported the claim.
- District court granted summary judgment for FCBT, awarding $7,112,025.91 in total damages; River Walk appeals on damages calculation and related issues.
Issues
| Issue | Plaintiff's Argument | Defendant's Argument | Held |
|---|---|---|---|
| Whether Spink’s affidavit suffices to prove damages | River Walk asserts Spink’s testimony is insufficient | FCBT contends Spink’s affidavit establishes the total due | Yes; affidavit establishes damages amount and narrows any triable issue |
| Whether the FDIC shared-loss provision precludes actual damages | River Walk relies on shared-loss language to limit recoverable damages | FCBT argues no preclusion; can recover actual damages | No; shared-loss clause does not bar actual damages entry |
| Whether 15% attorney’s fees must be limited to actual costs incurred | River Walk says fees should reflect costs actually incurred | Note allows 15% of principal plus interest plus collection costs | 15% applies, read with contract as a whole; guarantors’ fees also covered |
Key Cases Cited
- Morey v. Brown Mill Co., 469 S.E.2d 387 (Ga. Ct. App. 1996) (burden-shifting in damages on summary judgment)
- Fielbon Dev. Co., LLC v. Colony Bank of Houston Cnty., 660 S.E.2d 801 (Ga. Ct. App. 2008) (plaintiff bears initial prima facie case; defendant must raise fact issues)
- Ricci v. DeStefano, 557 U.S. 557 (Supreme Court 2009) (summary judgment burden under Rule 56 for movant)
- Anderson v. Liberty Lobby, Inc., 477 U.S. 242 (Supreme Court 1986) (citizen opposing summary judgment must show genuine issues)
- Horwitz v. Weil, 569 S.E.2d 515 (Ga. 2002) (contract interpretation to harmonize provisions)