Plaintiff LLC moved for summary judgment to discharge a mortgage on its commercial real property, a medical building. The mortgage in question was allegedly authorized by an alleged agent of Plaintiff LLC. Plaintiff successfully asserted that the alleged agent lacked actual or apparent authority to grant the mortgage or bind the LLC. Defendants' reliance on the agent's alleged (mis)representations that he had authority without due diligence was not reasonable. Only a principal may clothe an agent with actual or apparent authority.
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Published In: Business Organization Updates, General Business Updates, Residential Real Estate Updates
Reference Info:Legal Memoranda: Motions for Summary Judgment/Adjudication | State, 2nd Circuit, New York | United States
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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