Superior Court of Connecticut.
JP Morgan Chase Bank, National Association v. Michael Porzio et al.
Decided: October 31, 2013
11. The court has examined the September 25, 2008 Purchase and Assumption Agreement. Ex. 5 There is no specific chronological date for the closing. Bank Closing is defined on page 2 as “the close of business of the Failed Bank on the date which the Chartering Authority closed such institution.” The date of that event closing the institution had to have been known prior to September 25, 2008, the date of the Purchase and Assumption Agreement, and must have occurred prior to September 25, 2008. Despite the fact that the Bank Closing date was known, no chronological Bank Closing date is contained in the Purchase and Assumption Agreement. “Settlement Date” is defined on page 7 as “the first Business Day immediately prior to the day which is one hundred eighty (180) days after Bank Closing, or such other date prior thereto as may be agreed by the Receiver and the Assuming Bank. The Receiver, in its discretion may extend the Settlement Date.” This creates a material issue of fact as to whether, if ever, the transaction set forth in the Purchase and Assumption Agreement ever closed and title to whatever assets existed passed to JP Morgan Chase Bank, National Association.
- See more at: http://caselaw.findlaw.com/ct-superior-court/1650807.html#sthash.wcBHLidT.dpuf