Preston Hollow Capital v. Truist Bank
Case Details
- Status — whether other courts must follow this ruling
- Published
- Procedural Posture — the stage the case had reached
- summary judgment
Related Laws
No specific laws identified for this ruling.
Claim Types
Outcome
Court granted in part and denied in part defendant's summary judgment motion. Court enforced punitive damages waiver, found waiver applies to both contracts in financing arrangement, and held terminated trustee must protect confidential information. One plaintiff denied damages as matter of law; another plaintiff allowed to proceed with redesign costs and expectancy damages claims.
Excerpt
This opinion addresses (i) whether the Property (Trust) Code bars a trustee from enforcing a punitive damages waiver; (ii) if not, whether the waiver in one bond financing contract applies to claims based on a related contract in the same financing; and (iii) whether a trustee owes continuing fiduciary duties to its beneficiaries once the trustee resigns and is replaced by a substitute trustee. The court concludes that (i) the punitive damages waiver is enforceable here because the Trust Code does not reflect a legislative intent to bar such waivers; (ii) the subject waiver applies to both contracts because they are integral parts of the same financing arrangement; and (iii) a terminated and replaced trustee must protect a former beneficiary's confidential information that the trustee obtained during the trust relationship. Granting Defendant's motion to strike untimely filed summary-judgment evidence. Granting in part and denying in part Defendant's Traditional and No-Evidence Motion for Summary Judgment. One plaintiff is not entitled to damages as a matter of law, is not entitled to lost revenue or production as a matter of law, has produced evidence of redesign costs and additional expenses incurred as a result of Defendant's breach, and the record contains evidence of that plaintiff's expectancy damages. While Plaintiffs do not allege a specific theory/category of reliance damages in their petition, the Court nonetheless addresses Defendant's argument and holds that the plaintiff has not produced evidence of reliance damages. This opinion addresses competing motions for summary judgment regarding liability for Defendant's alleged breach of a reciprocal waiver agreement. More specifically, the Court considers whether there are genuine issues of material fact concerning the definiteness of the agreement's essential terms and the parties' mutual assent to those terms. The Court concludes no such fact issues exist to preclude summary judgment for Plaintiff. Accordin
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