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Brooks v. Ironstone Bank

The trial court erred in granting the bank's motion to enforce the settlement agreement, since a genuine issue of material fact remained as to whether the guarantor's counsel communicated to the bank's counsel that she did not have the authority to finalize the agreement.

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After Ironstone Bank the Bank filed a petition for foreclosure confirmation on two pieces of property, the Bank, the guarantors and the borrowers took part in settlement negotiations and, according to the Bank, reached a final settlement agreement. The guarantors and borrowers collectively “Brooks” disputed this, but the court granted the Bank’s petition to enforce the settlement agreement. After reviewing the record, we conclude there were issues of fact as to the existence of a finalized settlement that was agreed to by both parties, and reverse. This case arose when the Bank filed a “Report of Sale and Petition for Confirmation” after selling two pieces of foreclosed property in Cherokee County. Lonestar Holding Company was the borrower on the first property and a guarantor on the second property. Pillar Development was the borrower on the second property and a guarantor on the first property. John Sutton and J. D. Brooks were guarantors on both pieces of property.

The loans went into default and the Bank foreclosed. The properties sold for approximately $7 million, leaving a deficiency of approximately $3 million.

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