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Loan Seller Can’t Avoid Contract (access required)

Even if defendant Simmons National Bank’s Loan Purchase Agreement of 2001 may have lacked mutuality of obligation at the outset, the parties performed under the Agreement for the next 10 years and the Richmond U.S. District Court denies defendant loan seller’s motion to dismiss plaintiff SunTrust Mortgage’s contract action, based on lack of mutuality. Under SunTrust’s ...

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