Midland Properties, LLC v. Wells Fargo, N.A.
Jerry Morgan purchased property by obtaining a loan secured by a deed of trust. Morgan conveyed the property to his company, Midland Properties, LLC, and managed the property as a rental. Wells Fargo, N.A., which had been assigned the lender’s interest in the promissory note and deed of trust, initiated a nonjudicial foreclosure on the deed of trust, citing Morgan’s failure to make payments as they became due. HBI, LLC purchased the property at a trustee’s sale and conveyed the property to H&S Partnership, LLP. Morgan and Midland Properties (collectively, Appellants) filed an amended complaint against Wells Fargo, HBI, and H&S alleging wrongful foreclosure of a deed of trust, quiet title, tortious interference with business relationships, and declaratory relief. The district court granted summary judgment for Wells Fargo. The Supreme Court affirmed, holding (1) the district court properly excluded evidence for lack of foundation and hearsay; (2) the evidence did not support Appellants’ claims or establish a genuine issue of material fact; and (3) the district court did not abuse its discretion in denying Appellants’ motion for leave to amend their complaint. View "Midland Properties, LLC v. Wells Fargo, N.A." on Justia Law