Saturday, February 4, 2012

GECCMC 2005-C1 Plummer Street v. JPMorgan Chase Bank Opinion Summary:

This case arose from a landlord-tenant dispute in the wake of the WaMu failure in September 2008. GE alleged that Chase failed to pay rent on two properties under lease agreements that Chase assumed after it purchased WaMu's assets and liabilities from the FDIC pursuant to terms of a written Purchase & Assumption Agreement (P&A Agreement). GE filed suit against Chase alleging breach of the lease agreements and the district court granted Chase's motion to dismiss GE's complaint on the grounds that GE lacked standing to enforce or interpret the terms of the P&A Agreement. The court held that because GE was not an intended third-party beneficiary of the P&A Agreement, GE had no enforceable rights under that contract. Accordingly, the judgment was affirmed.

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