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MMA Capital Corp. v. ALR Oglethorpe LLC

After granting the lender's motion for summary judgment as to the defendants' default on a promissory note, the trial court had the information it needed to calculate the award of pre- and post-default interest and the specific amount of late fees due, and it erred in failing to calculate those amounts from the date of the judgment.

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This case arose after the 2009-2010 reorganization of loans related to a major property development in Savannah. In 2013, lender MMA Capital Corporation and MMA/PSP Savannah River, LLC, sued ALR Oglethorpe, LLC, and several related limited liability companies1 collectively, ALR and six individuals,2 contending that the defendants had breached several contracts and failed to pay sums due under a promissory note. The trial court granted MMA Capital’s motion for summary judgment on the promissory note and the individual defendants’ guaranties of that note, and both sides appealed.

The defendant borrowers argued in their direct appeal that the trial court erred in granting summary judgment to MMA Capital because the promissory note lacked consideration, and erred in denying their motion to sever and dismiss or transfer the claims for lack of venue. This court affirmed without opinion that portion of the trial court’s order finding that the defendants were liable under the notes and guaranties and denying their motion to sever and dismiss or transfer. ALR Oglethorpe, LLC v. MMA Capital Corp., 334 Ga. App. _____ A15A1623, decided November 20, 2015; cert denied, S16C0504, March 7, 2016. In this cross-appeal, MMA Capital argues that the trial court made errors in calculating the interest award, failed to award a definite amount of late fees, and failed to rule on its claim for attorney fees. For the reasons that follow, we vacate the trial court’s judgment and remand the case for further proceedings consistent with this opinion.

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