First American Commerce Co. v. Washington Mutual Savings Bank

743 P.2d 1193 (Utah 1987)

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Nature of the Case

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Facts

First Security Realty Services (D) agreed to loan money to First American Commerce (P) subject to D's approval of all new leases. D then assigned its rights to Washington Mutual Savings Bank (D1). Neither D1 nor D consented to a new lease. After P had performed the conditions, it requested disbursement of the outstanding loan amount, but D refused claiming that the duty followed the assignment. P sued. The court awarded D a summary judgment; the assignment terminated its duties to P. P appealed.